Fintech startup Novio raises Rs 100 Cr Series A funding from Cornerstone Ventures

Fintech startup Novio has raised Rs 100 crore ($10.5 million) in a Series A funding round headed by Cornerstone Ventures, which also included Roots Ventures, Shepherd’s Hill Private Equity, and ESV-Arthya AIF. Innoven Capital and Alteria Capital also contributed venture capital to the round.

The money raised will be used to improve bank relationships, increase distribution in tier II to tier V markets, and improve its product line, which includes UPI integration and AI-driven credit advice.

Aditya Gupta, Sandeep Ghule, Anand Kapadia, and Manish Sinha founded Novio in 2024 with the goal of providing credit cards backed by fixed deposits to consumers without a formal credit history.

Without the need for credit checks or proof of income, users can use the app to open a fixed deposit and get a RuPay credit card in a matter of hours. While the deposit accrues interest, the card can be connected to UPI for payments.

In addition to offering features like rewards, travel benefits, and real-time redemption, Novio issues cards in collaboration with banks like SBM Bank and DCB Bank.

Within a year of its launch, the startup claims to have more than 1 lakh active cardholders, and over the next three years, it intends to issue 50 lakh cards.