Fintech startup Tortoise has received $2.3 million in a seed funding round led by Vertex Ventures. Including this round, the startup’s total raised capital has reached $3M to date.
Better Capital, Cloud Capital, and other investors, including Kunal Shah, founder of CRED; Neeraj Arora, the former chief business officer of WhatsApp; Ankur Nagpal, founder of edtech firm Teachable; and Ganesh Rengaswamy, cofounder of Quona Capital, also participated in the round.
The funding raised would help the startup partner with more brands and merchants to provide wider options for customers to save up and make ‘Save Now, Buy Later’ a viable option for better returns instead of the ‘Buy Now, Pay Later model, it said in a statement.
Founded in 2020 by Vardhan Koshal and Surya Harsha Nunnaguppala, Tortoise allows users to save up for large purchases. Tortoise offers weekly and monthly savings plans ranging from a few months to a year.
Users can make little deposits over several weeks or months and then reap the benefits all at once. The adoption and use of product offerings of “Tortoise” are fast-growing in the global market, but the industry in India is still in its early stages.
Edited by – Subbuthai Padma
Published by Iram Rizvi
