Savings firm Tortoise hires Nikhil Joy as cofounder

Save Now Buy Later (SNBL) firm Tortoise said it has roped in fintech product leader Nikhil Joy as its cofounder. Prior to joining Tortoise, Roy was the vice-president and head of product at ZestMoney and was responsible for driving growth at the consumer lending startup. In his new role, Joy would be overseeing product development and growth.

“Nikhil has seen the BNPL market grow and also witnessed the challenges arising out of it. There is a massive need for innovation in the savings space and we feel Nikhil is best equipped to drive the SBNL product at Tortoise,” said Vardhan Koshal, co-founder and CEO of Tortoise.

Founded in 2021 by Vardhan Koshal and Surya Harsha Nunnaguppala, Tortoise is a fintech app that encourages saving up for large purchases. The Tortoise app provides users the ability to save up for their future purchases by creating a savings plan, and earn rewards in the process.


An employee turned founder, Joy is an IIM-K alumnus and is also a member of the RBIH-UIDAI working group for innovation in KYC and identity management.

“After having worked in the Buy Now Pay Later space for long, I have realised that the depth of the Indian market requires affordability solutions that extend beyond just credit. Tortoise is a rewarding way for consumers to buy things without having to pay the full cost all at once while getting the best possible value on their purchase," said Joy.

Recently, the RBI came down heavily on the BNPL segment by putting out its regulatory axe on very small ticket size instant loans given away by fintech startups. These digital loans have grown exponentially over the last half a decade and have forced a habit amongst youngsters to take credit for buying products that are out of their reach. The banking regulator has clipped the BNPL in a bid to contain inflation and also ensure that consumers don’t fall into a debt trap