Novio, a fintech startup, has raised Rs 100 crore ($10.5 million) in a Series A funding round led by Cornerstone Ventures, with participation from Shepherd’s Hill Private Equity, ESV-Arthya AIF, and Roots Ventures. The round also included venture debt from Innoven Capital and Alteria Capital.
The proceeds will be used to expand distribution in tier II to tier V markets, strengthen bank partnerships, and enhance its product stack, including UPI integration and AI-led credit advisory.
Founded in 2024 by Aditya Gupta, Sandeep Ghule, Anand Kapadia, and Manish Sinha, Novio offers credit cards backed by fixed deposits, targeting users without formal credit history.
Users can open a fixed deposit through the app and receive a RuPay credit card within hours without income proof or credit checks. The card can be linked to UPI for payments, while the deposit earns interest.
Novio partners with banks such as SBM Bank and DCB Bank to issue cards and offers features including rewards, travel benefits, and real-time redemption.
The startup claims to have crossed 1 lakh active cardholders within a year of launch and plans to issue 50 lakh cards over the next three years.
