Startup Funding News: novio, a Mumbai based fintech startup, has announced the completion of a Rs 100 crore Series A funding round.

The funding round was led by Cornerstone Ventures. It also saw participation from Shepherd’s Hill Private Equity, ESV-Arthya AIF and Roots Ventures, alongside venture debt from Innoven Capital and Alteria Capital.

novio app is powered by Credilio Financial Technologies.

novio Startup Funding News: Purpose 

novio said that the funding will fuel its mission to issue 50 lakh credit cards over the next three years. This will bring formal credit to Tier 5 towns.

The funds will be deployed across core priorities, i.e. scaling distribution deeper into Tier 2–5 markets and accelerating product development. The focus will be on expanding bank partnerships and further leveraging the novio UPI stack and AI credit advisory features.

novio offers credit cards against a fixed deposit, with the convenience of UPI Payments.

novio was launched by Aditya Gupta, Sandeep Ghule, Anand Kapadia & Manish Sinha in 2024.

A person can opens a small fixed deposit through the novio app receives a premium RuPay-branded credit card without no income proof, no credit history, no eligibility checks.

The credit card can be instantly linked to UPI, enabling ease of payments.

The deposit (FD) continues earn up to 7 per cent annual interest.

novio works with multiple banking partners such as SBM Bank and DCB Bank.

novio Startup Funding News: CEOE Speaks

Aditya Gupta, founder & CEO, novio, aid that the fundraise will help fuel to expand operations. He claimed that novio has crossed 1 lakh active cardholders within a year.

"novio doesn't just give customers a credit card, it builds them toward being considered for all kinds of credit products," he said.

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