novio Raises ₹100 Crore Series A to Put a Credit Card in Every Aspiring Indian’s Wallet

Mumbai-based fintech plans 50 lakh card issuances in three years, powered by instant approval, no eligibility requirements and premium benefits for everyone

Mumbai, April 2026 novio - the consumer app powered by Credilio Financial Technologies announces a ₹100 crore Series A funding round. This round was led by Cornerstone Ventures, with participation from Shepherd’s Hill Private Equity, ESV-Arthya AIF and Roots Ventures, alongside venture debt from Innoven Capital and Alteria Capital. The capital will fuel novio’s mission to issue 50 lakh credit cards over the next three years, taking formal credit all the way to Tier 5 towns.

The ₹100 crore will be deployed across core priorities i.e. scaling distribution deeper into Tier 2–5 markets and accelerating product development – with focus on expanding bank partnerships and further leveraging the novio UPI stack and AI credit advisory features.

novio offers credit cards against fixed deposit, with the convenience of UPI Payments. For over 45 crore Indians who use UPI, a credit card has always felt out of reach. Not because they can’t afford one, but because the system wasn’t built for them. Early jobbers, small business owners, students, gig workers, freelancers, they transact, they save, they aspire. And yet, India’s traditional credit underwriting still turns most of them away.

To fix this gap, novio was launched by Aditya Gupta, Sandeep Ghule, Anand Kapadia & Manish Sinha in 2024. A customer opens a small Fixed Deposit through the novio app and within hours receives a premium RuPay-branded credit card - no income proof, no credit history, no eligibility checks. The credit card can be instantly linked to UPI, enabling ease of payments while the underlying deposit continues earning up to 7% annual interest. To give a seamless experience to its consumers, novio works with multiple banking partners such as SBM Bank and DCB Bank.

novio app offers UPI functionality (TPAP-licensed by NPCI) with a full stack of offerings such as 10% rewards, airport lounge access, discounted travel bookings, free movie tickets, and real-time rewards redemption on leading consumer brands.

“Credit is India’s most aspirational financial product. Every young Indian wants it, but the system has historically been inaccessible. At novio, we built a product that seamlessly enables this access without compromise on rewards or experience. This ₹100 crore raise gives us the fuel to take the novio experience to 50 lakh households, and this is just the beginning. In India where having a credit card is often seen as a debt trap, with a Fixed Deposit, you can set your own credit limit and avoid overspending while enjoying the perks of a premium credit card,” says Aditya Gupta, Founder & CEO, novio.

Cornerstone Ventures, which is leading this round andhas also backed novio since 2022, chose to double down on its investment - “We have backed Aditya and the novio team since the early days, and every milestone they have hit has reinforced our conviction. It’s a true example of us being end-game partners for our founders and working hands-on with them through their growth journey. What novio has built is rare; a product that solves a genuine access problem, a brand that consumers love, and a business model where the unit economics get better as you scale. India has 4 crore credit card holders today and 40 crores waiting to join. novio is the most credible answer to that gap we have seen,” shares Vatsal Bavishi, Partner, Cornerstone Ventures.

In under a year, novio has crossed 1 lakh active cardholders. The company attributes this to its digital distribution engine, lean tech-driven operations, and a product designed around how Indians spend and save.

novio doesn't just give customers a credit card, it builds them toward being considered for all kinds of credit products. A step in that direction is novio's partnership with YES Bank to offer an unsecured credit card to customers who have a good credit score. And to help customers get there faster, novio's AI-driven credit score advisory actively guides them in building a stronger credit profile.

About novio

novio is India’s UPI-first fixed deposit credit card app, powered by Credilio Financial Technologies Pvt. Ltd. Designed for the next generation of Indian credit users - early jobbers, small business owners, students, gig workers and freelancers - novio enables everyone to access a premium RuPay credit card. With over 1 lakh active users across India and a target of 50 lakh cards in three years, novio is redefining credit access from metros to Tier 5 towns. Founded in 2020 by Aditya Gupta, Sandeep Ghule, Manish Sinha, and Anand Kapadia, novio is backed by Cornerstone Ventures, Exfinity Ventures, Shepherd’s Hill Private Equity, Mukul Agarwal, ESV-Arthya AIF and Roots Ventures, alongside venture debt from Innoven Capital and Alteria Capital. For more info, visit www.novio.in.

For press enquiries email: press@novio.in