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Wednesday, February 28, 2024

Save Now Buy Later startup Tortoise secures funding from ZestMoney, Swiggy

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Save Now Buy Later startup Tortoise has secured funding from Swiggy, and ZestMoney CEOS.  The company had raised nearly $2.3 million in seed funding from Vertex Ventures, a part of global investment company Temasek, earlier this year.

In a mentors’ round, Fintech startup Tortoise, has secured an undisclosed amount of money from Lizzie Chapman, co-founder and CEO of fintech ZestMoney, and Sriharsha Majety co-founder and CEO of Swiggy.

Lizzie Chapman feels pleased to support a founder who belongs to the ZestMoney family.

Lizzie said, “I wish Nikhil and the Tortoise team all the best as they work alongside Zest to make living more cheap for Indians.”

Tortoise received $2.3 million in preliminary funding earlier this year from Vertex Ventures, a subsidiary of global investment giant Temasek.

The latest round is a “mentors round,” which is an extension of the initial investment round “as the firm attracts two highly recognised founders as investors to assist Tortoise in strategizing a quicker growth strategy

Tortoise co-founder Vardhan Koshal commented on the new financing, saying, “This round is our Mentors Round, where we are looking for mentors. We are well capitalised from our Seed round. Hence this is about access to such inspiring leaders like  the  ZestMoney, abd Swiggy CEOs rather than money.”

Nikhil Joy, a former vice president of ZestMoney, has joined the Tortoise team as a co-founder. Joy is a fintech product leader who was previously responsible for developing product and growth for a consumer loan startup.

Tortoise encourages consumers to save for significant purchases and pays them for doing so. Inspired by Tanishq’s Golden Harvest Scheme, the savings plan includes weekly and monthly savings programmes ranging from a few months to a year. SNBL is gaining traction not only in India, but also in western countries such as the United States and the United Kingdom.


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