Gurgaon-based fintech startup Tortoise has raised $2.3 million in a seed funding round from Vertex Ventures, a wholly-owned subsidiary of Temasek Holdings.
Many investors including Better Capital, Cloud Capital, and other operators like Kunal Shah (CRED), Neeraj Arora (former chief business officer of Whatsapp), Ankur Nagpal (founder of Teachable), and Ganesh Rengaswamy (co-founder of Quona Capital) also participated in the round.
This is the second round of Tortoise after almost a year. The startup has raised a total of $3 million since its inception.
The startup said that we plan to partner with more brands and merchants to offer customers a wider choice of savings options and ‘Save Now, Pay Later’ model for better returns instead of the ‘Buy now pay later’ model.
Gurgaon-based fintech startup was founded in 2021 by Vardhan Koshal and Surya Harsha Nunnaguppala.
The firm allows users to save for larger purchases and offers weekly and monthly savings plans ranging from a few months to a year. Users can deposit a small amount over several weeks or months and then receive all the benefits at once.
The company is growing rapidly in the adoption and use of its product offerings in the global market, but the industry in India is still in its early stages.
New York-based fintech startup Accrue Savings, which operates similarly to the Tortoise company, raised nearly $25 million in funding from Tiger Global Management earlier this year.