India’s novio raises ₹100 crore for fixed-deposit-backed cards

Indian fintech novio announced a ₹100 crore Series A package on 28 April, led by Cornerstone Ventures, with Shepherd’s Hill Private Equity, ESV-Arthya AIF and Roots Ventures participating. The company also named venture-debt providers Innoven Capital and Alteria Capital, without splitting the debt and equity amounts. novio issues credit cards backed by a customer’s fixed deposit and links them to UPI payments.

The company said it had more than 100,000 active cardholders and set a goal of issuing five million cards over three years, with distribution aimed at smaller Indian cities. It plans to invest in product development and bank partnerships. These user figures and targets are company-reported. A fixed-deposit-backed card secures the credit line with the customer’s deposit; the announcement does not establish that every applicant can get an unsecured card or access identical terms.