Save Now Buy Later (SNBL) Fintech Startup Tortoise raised an undisclosed amount of funding from Sriharsha Majeti, co-founder of Swiggy, and Lizzie Chapman, Co-founder of fintech ZestMoney.
The fintech startup earlier this year raised around $2.3 million from Vertex Ventures, part of global investment firm Temasek. The current funding is an extension of the seed funding round and is referred to as a “mentor round” as the startup gets two founders as investors to help Tortoise develop a plan for faster growth. Recently, Nikhil Joy, former VP of Zest Money, joined the Tortoise team as a Co-founder.
Founded in 2021 by Vardhan Koshal and Surya Harsha Nunnaguppala, Tortoise recommends saving for big purchases. It gives users the ability to save on future purchases by creating a savings plan and earning rewards in the process.
Vardhan Koshal, Co-founder of Tortoise, said, “This round is our mentor round, where we collect angel checks from category-defining leaders like Lizzie and Sriharsha and expect to be joined by several more such visionaries. We are well capitalized from our seed round, so it’s less about investment and more about access to such inspirational leaders.”
Koshal added, “SNBL is gaining importance not only in India but also in Western markets such as the US and the UK. Consumerism in India is on the rise and so is consumers’ desire to upgrade their lifestyles. However, not all consumers want or have the ability to pay upfront for large ticket purchases. Moreover, more than 93% of Indians do not have access to formal credit and in such scenarios, SNBL is the best alternative.”
Lizzie Chapman, Co-founder of ZestMoney, said, ” I am happy to support a founder emerging from the Zest Money family. I wish Nikhil and the Tortoise team all the best as they take the complementary path to Zest towards, making life more affordable for Indians.”
Inspired by Tanishq’s Golden Harvest Scheme, the Tortoise Savings Plan offers weekly and monthly savings plans ranging from a few months to a year. In this concept, consumers can make small deposits over a period of a few months to a year for a particular product on the Tortoise app and then use it to purchase the product with an assured cashback of up to Rs 10,000.