Fintech Player Tortoise Raises Funding From Swiggy, ZestMoney CEOs
Summary
However, the startup didnt disclose the funding amount.The presence of Majety and Chapman will enable the startup to strategise a faster growth plan, Tortoise said in a statement.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. Users can avail weekly and monthly savings plans over specific time periods, and then use it together to make purchases. On one hand, it allows users to trade their savings for items while, on the other hand, it offers a platform for brands to offer savings schemes to their respective customers and drive sales.The development comes months after the fintech startup bagged $2.3 Mn in a seed funding round led by Vertex Ventures. As per Inc42 data, fintech startups raised 24.7% of the total $1.1 Bn funding raised by the Indian startups in August 2022.Despite the regulatory uncertainty surrounding the space, fintech startups also topped the charts with 23.8% of the total deal count in August.From issuing digital lending guidelines to ban on loading non-bank PPI (prepaid payment instrument) wallets with credit lines, the Reserve Bank of India (RBI) has been tightening regulatory norms around the space. Last week, EarlySalary raised $110 Mn as part of its Series D round led by TPGs The Rise Fund and Norwest Venture Partners.