New Delhi: Fintech startup Tortoise, a platform that rewards consumers for saving for their purchases, has received an undisclosed amount from Lizzie Chapman, co-founder and CEO of Swiggy and co-founder and CEO of fintech ZestMoney. has been found. In the Mentors Round.
Lizzie Chapman, Co-Founder, ZestMoney said, “I am excited to support a founder who is emerging from the ZestMoney family. I wish Nikhil and the team at Tortoise all the very best as they make life more affordable for Indians. Let’s take the complementary route of Zest towards making.”
The Save Now Buy Later (SNBL) startup raised about $2.3 million in a seed round of funding from Vertex Ventures, a part of global investment firm Temasek, earlier this year.
The current round is an extension of the seed funding round and is being referred to as the “Mentors Round” as the startup gets two very famous founders as investors who help Turtle build a rapid growth plan.
On the new funding, Vardhana Koshal, Co-Founder, Tortoise said, “This round is our mentors round, where we are raising angel checks from category-defining leaders like Lizzie and Sriharsha and hope to see more such visionaries join . We are well capitalized from our seed round, and so it is less about investment and more about access to such inspirational leaders.”
Turtle was founded in 2020 by Vardhan Koshal and Surya Harsha Nunnaguppla. Recently, Nikhil Joy, former Vice President of ZestMoney, joined the Turtle team as a co-founder. Joy is a fintech product leader and until recently was responsible for driving product and development at the consumer lending company.
Turtle allows users to save for big purchases and reward them for those savings. The savings plan, inspired by the Golden Harvest plan from Tanishq, offers weekly and monthly savings plans ranging from a few months to a year.
In this concept, consumers can make small deposits of a few months to a year for a particular product on the Turtle App and then use them to purchase the product with assured cashback. 10,000.
As compared to other consumer focused fintechs, Tortoise is a B2B2C platform that helps brands and merchants to increase their sales. Turtle provides a one-stop solution for brands to offer savings plans to their respective customers which not only enhances sales but also improves repeat purchases.
Vardhan said, “Consumerism is on the rise in India and there is a growing aspiration among consumers to upgrade their lifestyles. However, not all consumers want or have the ability to pay upfront for big ticket purchases. Further, more than 93 per cent of Indians do not have access to formal credit and SNBL is the best option in such a scenario.”
SNBL is gaining importance not only in India but also in western markets like US and UK.
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