Novio nets Series A funding led by Cornerstone Ventures
29 Apr 2026, 01:23 PMThe investment round also saw participation from Shepherd's Hill Private Equity, ESV-Arthya AIF, and Roots Ventures.
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Fintech startup Novio has raised Rs 100 crore (around $10.5 million) in a Series A funding round led by Cornerstone Ventures.
The investment round also saw participation from Shepherd's Hill Private Equity, ESV-Arthya AIF, and Roots Ventures. Additionally, venture debt was extended by Innoven Capital and Alteria Capital.
The Mumbai-based startup will use the fresh capital to expand its distribution network across tier II to tier V markets, deepen its bank partnerships, and bolster its product suite including UPI integration and an AI-powered credit advisory layer.
Founded in 2024 by Aditya Gupta, Sandeep Ghule, Anand Kapadia, and Manish Sinha, Novio is building credit access infrastructure for Indians with little to no formal credit history. The platform allows users to open a fixed deposit through its app and receive a RuPay credit card without income proof or credit score requirements within hours.
The card can be linked to UPI for seamless payments, while the underlying deposit continues to earn interest.
Novio currently partners with SBM Bank and DCB Bank for card issuance and offers rewards, travel benefits, and real-time redemption features to its users.
The startup claims to have crossed 1 lakh active cardholders within its first year and has set an ambitious target of issuing 50 lakh cards over the next three years.
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