Novio Raises INR 100 Cr in Series A Round Led by Cornerstone Ventures
The round saw participation from Shepherd’s Hill Private Equity, ESV-Arthya AIF, and Roots Ventures, along with venture debt from Innoven Capital and Alteria Capital.
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Novio, a fintech startup, has raised INR 100 crore (about USD 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 company said the funds will be used to expand its presence in tier II to tier V markets, strengthen partnerships with banks, and improve its product offerings. This includes deeper integration with UPI and the use of artificial intelligence for credit advisory services.
Founded in 2024 by Aditya Gupta, Sandeep Ghule, Anand Kapadia, and Manish Sinha, Novio provides credit cards backed by fixed deposits, targeting individuals without a 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 transactions, while the deposit continues to earn interest. Novio partners with banks such as SBM Bank and DCB Bank for card issuance.
The startup said it has crossed 1 lakh active cardholders and aims to issue 50 lakh cards over the next three years.
Novio, a fintech startup, has raised INR 100 crore (about USD 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 company said the funds will be used to expand its presence in tier II to tier V markets, strengthen partnerships with banks, and improve its product offerings. This includes deeper integration with UPI and the use of artificial intelligence for credit advisory services.
Founded in 2024 by Aditya Gupta, Sandeep Ghule, Anand Kapadia, and Manish Sinha, Novio provides credit cards backed by fixed deposits, targeting individuals without a 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 transactions, while the deposit continues to earn interest. Novio partners with banks such as SBM Bank and DCB Bank for card issuance.
The startup said it has crossed 1 lakh active cardholders and aims to issue 50 lakh cards over the next three years.
