Empowering India’s Untapped Credit Users

Mumbai-based fintech startup Novio has raised Rs 100 crore in a combination of debt and equity funding to accelerate its mission of making credit accessible for first-time users across India. The funding round was led by Cornerstone Ventures, with participation from Shepherd’s Hill Private Equity, ESV-Arthya AIF, and Roots Ventures. Venture debt support was provided by Innoven Capital and Alteria Capital.

Founded in 2024 by Aditya Gupta, Sandeep Ghule, Anand Kapadia, and Manish Sinha, Novio is focused on solving one of India’s biggest financial challenges ,  providing formal credit access to individuals with no credit history.

A New-Age Credit Solution for India

Novio’s flagship offering is a fixed deposit-backed credit card designed especially for users who struggle to access traditional banking services. Unlike conventional credit cards that require salary slips, income proof, or strong credit scores, Novio enables users to obtain a RuPay credit card simply by opening a fixed deposit.

The deposited amount acts as collateral while also earning interest, reducing risk for lenders and making credit accessible to underserved users. Through this model, first-time borrowers can gradually build their credit profile and enter the formal financial ecosystem.

The startup’s mobile-first approach allows customers to open a fixed deposit and receive a credit card approval within hours, making the process faster and more accessible for users in smaller cities and towns.

Expanding Reach Across Tier II to Tier V Markets

With the fresh capital infusion, Novio plans to aggressively expand across tier II, III, IV, and V cities where millions of users remain outside the formal credit ecosystem. The company also intends to strengthen partnerships with banking institutions and enhance its technology stack.

One of the major focus areas for the startup is deeper UPI integration and AI-powered credit advisory tools that can help users better manage spending and improve financial literacy.

Novio currently partners with banks such as SBM Bank and DCB Bank to issue its cards. These cards come with features like rewards, travel benefits, and real-time redemption options, making them competitive with mainstream credit products.

Rapid Growth and Ambitious Vision

Within just one year of launch, Novio claims to have crossed 100,000 active cardholders, highlighting the growing demand for inclusive credit solutions in India. The startup now aims to issue five million cards over the next three years as it scales its operations nationwide.

As India’s digital payments ecosystem continues to grow rapidly, startups like Novio are playing a critical role in bringing financially underserved users into the mainstream economy through accessible and technology-driven solutions.

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