Tortoise, a fintech firm, has raised $2.3 million in a preliminary fundraising round sponsored by Vertex Ventures, a Temasek Holdings wholly-owned subsidiary. This is Tortoise’s second round of fundraising in the last 12 months. To date, the company has raised a total of $3 million.
The round was also attended by Better Capital, Cloud Capital, and notable operators such as Kunal Shah, Founder of Cred; Neeraj Arora, the former Chief Business Officer of Whatsapp; Ankur Nagpal, Founder of edtech startup Teachable; and Ganesh Rengaswamy, Co-Founder of Quona Capital.
The firm said in a prepared statement that it aims to collaborate with additional brands and merchants to give customers more ways to save money and make ‘save now, buy later’ a feasible alternative for greater returns instead of the ‘buy now, pay later’ model.
Vardhan Koshal and Surya Harsha Nunnaguppala founded Tortoise in 2021. Users can save money for significant purchases. Tortoise offers a variety of weekly and monthly savings plans that last anywhere from a few months to a year. Users can make little donations over the course of a few weeks or months and then reap the rewards all at once.
In the global market, Tortoise product adoption and use are rapidly increasing, but the sector in India is still in its early phases. Accrue Savings, a New York-based fintech business that competes with Tortoise, raised $25 million in a funding round led by Tiger Global Management in January 2022.
About Tortoise
Tortoise is a well-funded early-stage fintech startup building high returns saving products for users to buy large ticket aspirational items a few months later. They are backed by some of the most respected operators and a Tier 1 VC fund. The world is pushing you to buy now, pay later. But Tortoise believes that the affluent and loan-takers are only a small percentage of Indian consumers. Saving up for large purchases is a timeless practice, ingrained in our culture of thoughtful consumption.
For more information, visit https://www.tortoise.pro/
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