Private Equity

PE-VC Fund Investments

FD-backed credit card issuer Novio raises Rs.100-Cr led by Cornerstone Ventures

Economic Times   Novio  

Mumbai-based Novio , the fintech app of Credilio Financial Technologies, has raised INR 100 crore in a Series A funding round. Cornerstone Ventures led the round, with participation from Shepherd’s Hill Private Equity, ESV-Arthya AIF, and Roots Ventures. The round also included venture debt from Innoven Capital and Alteria Capital.Founded in 2024 by Aditya Gupta, Novio enabled users to open a fixed deposit and receive a RuPay credit card within hours, without requiring income proof or prior credit history. The card can be linked to UPI for transactions, while the deposit continues to earn interest.The company plans to use the new funds to strengthen its distribution network across non-metro markets, enhance product capabilities, expand banking partnerships, and develop its UPI-integrated credit offerings and credit advisory tools.