Tortoise, a FinTech that specialises in the ‘save now, buy later’ space, has raised an undisclosed amount of capital in a funding round.
The funding was provided by the CEO’s of Swiggy and ZestMoney, Sriharsha Majety and Lizze Chapman respectively.
According to Financial IT, Tortoise allows users to save up for large purchases and rewards them for those savings. The savings plan offers weekly and monthly savings plans ranging from a few months to a year.
Consumers are able to make small deposits over a few months to a year for a particular product on the Tortoise app and then use those to buy the product with assured cashback up to Rs 10,000.
Tortoise co-founder Vardhan Koshal said, “This round is our Mentors Round, where we are raising Angel cheques from category-defining leaders like Lizzie and Sriharsha and expect a few more such visionaries to join in. We are well capitalized from our Seed round, and hence this is less about the investment and more about access to such inspirational leaders.
“Consumerism in India is on the rise and so is the aspiration among consumers to upgrade their lifestyles. However, not all consumers want to or have the capability to pay upfront for large ticket purchases. Besides this, over 93 per cent of Indians do not have access to formal credit and in such scenarios, SNBL is the best alternative.”
Chapman added, “I am elated to be supporting a founder that’s emerging from the ZestMoney family. I wish Nikhil and the team at Tortoise the very best as they take a complementary path to Zest towards making life more affordable for Indians”
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