Khaitan & Co acts on Novio ₹100 crore Series A fundraise

Credilio Financial Technologies Private Limited, dba Novio, has raised ₹100 crore from a Series A fundraise led by Cornerstone Ventures, with participation from Ashra Private Equity Fund, ESV-Arthya AIF and Roots Ventures, alongside venture debt from Innoven Capital and Alteria Capital.

Khaitan & Co advised the lead investor Cornerstone Ventures Partners and co-investor Ashra Private Equity Fund.

The transaction team advising Cornerstone Ventures consisted of Gautam Suseel (Partner), Ashutosh Sharma (Partner), Atif Ahmed (Principal Associate), Aanchal Khandelwal (Senior Associate) and Jahanvi Tuli (Associate), with assistance on transaction related aspects from Deepali Menghwani (Principal Associate) and Arushi Gupta (Senior Associate).

The transaction team advising Ashra PE Fund consisted of Tanvi Kumar (Partner), Pulkit Chaturvedi (Counsel) and Nipun Laroia (Senior Associate), with assistance from Aditi Sannidhi (Associate) on due diligence related aspects.

Novio is a UPI-first fixed deposit-backed credit card app, which performs digital distribution of credit products (loans, credit cards) to Tier II and Tier III markets via financial advisors.

The funds will be utilised to grow the Company's customer base from one lakh to 50 lakh over the next three years, focusing on underserved segments in tier II and smaller towns.

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