Fintech Startup Novio Secures Rs 100 Crore in Series A Funding
Novio, a fintech startup, has successfully raised Rs 100 crore (approximately $10.5 million) in a Series A funding round. This round was spearheaded by Cornerstone Ventures, with notable participation from Shepherd’s Hill Private Equity, ESV-Arthya AIF, and Roots Ventures. Additionally, venture debt was provided by Innoven Capital and Alteria Capital.
The funds will facilitate the expansion of distribution in tier II to tier V markets, fortify bank partnerships, and enhance their product offerings, which include UPI integration and AI-driven credit advisory.
Established in 2024 by a team consisting of Aditya Gupta, Sandeep Ghule, Anand Kapadia, and Manish Sinha, Novio provides credit cards secured by fixed deposits, specifically targeting users lacking a formal credit history. Through the app, users can open a fixed deposit and receive a RuPay credit card within hours, without the need for income verification or credit checks.
The card is designed to link with UPI for seamless payments, while the deposit continues to accrue interest. Novio collaborates with banks such as SBM Bank and DCB Bank to issue these cards, offering a variety of features that include rewards, travel benefits, and real-time redemption.
The startup proudly claims it has surpassed 1 lakh active cardholders within its first year of operations and has set an ambitious target to issue 50 lakh cards over the next three years.
