Fintech startup Novio has raised Rs 100 crore in a mix of debt and equity funding from Cornerstone Ventures. The round also saw participation from Shepherd’s Hill Private Equity, ESV-Arthya AIF, and Roots Ventures. Innoven Capital and Alteria Capital provided venture debt funding.
The raised funding will be used to expand its reach across tier II to tier V markets, strengthen partnerships with banks, and enhance its product offerings, including deeper UPI integration and AI-led credit advisory tools.
Novio, which was founded in 2024 by Aditya Gupta, Sandeep Ghule, Anand Kapadia and Manish Sinha, focuses on providing credit access to individuals without a formal credit history. Its core product is a credit card backed by a fixed deposit, allowing users to access credit without income proof or prior credit checks.
“We are building a simple and accessible pathway to credit for millions of underserved users,” a company spokesperson said. “Our focus is on combining secured credit products with digital convenience to help users enter the formal financial system.”
Through its app, customers can open a fixed deposit and receive a RuPay credit card within hours. The deposit acts as collateral while earning interest, enabling users to build a credit profile with limited risk.
Novio has also integrated its credit card with UPI, allowing users to make everyday payments using their credit limit. This feature is aimed at easing the transition for first-time users into formal credit systems by leveraging familiar digital payment methods, the startup said.
The startup works with banking partners including SBM Bank and DCB Bank to issue its cards. The cards offer features such as rewards, travel benefits and real-time redemption options.
Novio claims to have surpassed 100,000 active cardholders within a year of launch and aims to issue five million cards over the next three years.
