Funding · Financial Services

Novio raises ₹100 crore Series A

By Startup Enthusiast · 28 April 2026

What they do

Novio offers a fixed deposit-backed RuPay credit card for people with no credit history

It raised ₹100 crore ($10.5 million) in Series A funding led by Cornerstone Ventures

The startup aims to issue 5 million cards in three years and expand into smaller cities

Novio raised ₹100 crore ($10.5 million) in a Series A round.
The round was led by Cornerstone Ventures.
Participating investors included Shepherd's Hill Private Equity, ESV-Arthya AIF, and Roots Ventures.
Venture debt was provided by Innoven Capital and Alteria Capital.
The company was founded in 2024 by Aditya Gupta, Sandeep Ghule, Anand Kapadia, and Manish Sinha.
Novio targets the thin-file segment — people with no formal credit history or steady income.
It offers a fixed deposit-backed RuPay credit card that builds credit score without income proof or credit checks.
The card is linked to UPI for payments and offers rewards, travel benefits, and real-time redemption.

The startup reached 1 lakh cardholders in its first year, showing strong demand.

Novio provides a RuPay credit card backed by a fixed deposit held with partner banks.
Customers deposit money in an FD via the mobile app; the FD serves as collateral for the card.
No income proof or credit checks are required to get the card.
The FD earns interest, and using the card helps build a credit score over time.
The card is integrated with UPI for digital payments.
Bank partners include SBM Bank and DCB Bank.
The company has 1 lakh active cardholders within its first year of operations.

Expand into Tier II to Tier V cities and towns.
Deepen partnerships with banks for wider distribution.
Upgrade tech stack including UPI integration and AI-driven credit advisory features.
Target to issue 5 million cards over the next three years.

Product: FD-backed RuPay credit cards linked to UPI with rewards and cashback
Customers: First-time borrowers and individuals without formal credit history
How it makes money: Credit card issuance with deposit backing and partnerships with banks and retailers
What sets it apart: Fixed deposit collateral eliminates need for income proof or credit checks