Novio, the consumer credit card app operated by Credilio Financial Technologies, has closed a ₹100 crore ($14.4m) Series A funding round.
The round was led by Cornerstone Ventures, with Shepherd’s Hill Private Equity, ESV-Arthya AIF and Roots Ventures also participating. Venture debt was provided by Innoven Capital and Alteria Capital.
The capital will be directed towards scaling distribution into Tier 2–5 markets, broadening bank partnerships, and advancing product development, including the novio UPI stack and its AI-powered credit advisory capabilities.
The company has set a target of issuing 50 lakh credit cards within the next three years, with ambitions to reach as far as Tier 5 towns.
Novio was co-founded in 2024 by Aditya Gupta, Sandeep Ghule, Anand Kapadia and Manish Sinha. The app allows users to open a small fixed deposit, after which they receive a RuPay-branded credit card within hours, requiring no income documentation, credit history or eligibility assessment.
The card can be linked instantly to UPI, while the fixed deposit continues to generate up to 7% annual interest. Banking partners currently include SBM Bank and DCB Bank, with a further partnership with YES Bank enabling unsecured credit cards for customers who have established a strong credit profile.
Beyond the card itself, the novio app holds a TPAP licence from NPCI for UPI functionality and offers a suite of benefits including 10% rewards, airport lounge access, discounted travel bookings, complimentary cinema tickets and real-time rewards redemption with consumer brands.
Novio founder and CEO Aditya Gupta said, “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
Cornerstone Ventures partner Vatsal Bavishi said, “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.”
Copyright © 2026 FinTech Global
