In a mentoring round, Sriharsha Majety, co-founder and CEO of Swiggy, and Lizzie Chapman, co-founder and CEO of Fintech ZestMoney, invested an undisclosed amount of funds in the fintech firm Tortoise. Tortoise is a platform that encourages users to save money for their purchases.
Earlier this year, Vertex Ventures, a division of the large international investment firm Temasek, invested about $2.3 million in the fintech startup.
Tortoise, a company founded in 2021 by Vardhan Koshal and Surya Harsha Nunnaguppala, promotes conserving money for significant purchases. It gives consumers the opportunity to set up a savings plan for their next purchases and earn incentives while doing so. Nikhil Joy, the former vice president at ZestMoney, just become a cofounder of Tortoise.
“This round is our mentors round, where we are raising angel cheques from category-defining leaders such as Lizzie and Sriharsha and expect a few more such visionaries to join in. We are well capitalised from our seed round, and hence this is less about investment and more about access to such inspirational leaders,” said Vardhan Koshal, cofounder of Tortoise.
“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,” said Chapman.
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.