India, April 28 -- Fintech startup Credilio has raised Rs.100 Cr (about $10.5 Mn) in its Series A funding round led by existing backer Cornerstone Ventures, with participation from Shepherd Hill, Roots Ventures and ESV-Arthya AIF, among others.

Credilio raised the funding, which will be used to scale its UPI-first fixed deposit credit card app novio, at a pre-money valuation of Rs.300 Cr (about $31.7 Mn), founder and CEO Aditya Gupta told Inc42.

Credilio launched novio as a separate fintech platform in 2024 with a focus on issuing secured credit cards for underserved borrowers. It partnered with DCB Bank and SBM to launch FD-backed credit cards which can be linked to UPI. The cards offer rewards and cashbacks in partnership with consume...