Funds will be utilised to acquire long-term licenses of international fashion and lifestyle brands and expand the company’s proprietary technology stack
Bengaluru: E-commerce solution provider Ace Turtle has raised $34 million (Rs 293 Crore) as part of its Series B funding, said the company in a press release on Tuesday. The funding round was led by investors Vertex Growth, SBI Investment Co. Ltd., Farglory, Lesing Nine, Stride Ventures, Tuscan Ventures and Trifecta Capital. Ace Turtle’s existing investors Vertex Southeast Asia and India and InnoVen Capital also participated in the round.
Ace Turtle said it would use the funds to acquire long-term licenses of international fashion and lifestyle brands and expand its proprietary technology stack.
“Our aim is to lead the next phase of retail in India and scale it to new heights through vertical commerce,” said Nitin Chhabra, chief executive officer of Ace Turtle.
“The funds will be utilised to develop cutting-edge technological tools that ensure seamless omnichannel operations, acquire licenses for new fashion and lifestyle brands, and recruit skilled talent across all levels to support the aggressive growth plans. This will help us to expand our brand portfolio and solidify our competitive edge in the market,” he added.
Ace Turtle grew significantly in FY (fiscal year) 2023 by doubling its revenue and becoming EBITDA (earnings before interest, taxes, depreciation, and amortization) positive, claims the company.
“This investment in Ace Turtle builds on our programme to provide long-term capital to innovative companies transforming industries at scale,” said, Yoshitaka Kitao, president of SBI Investment.
Further commenting on the funding, James Lee, general partner of Vertex Growth said, “The asset-light approach of Ace Turtle, its deep domain expertise in product supply chain and utilization of data-driven insights in understanding consumer behaviour and demand, present significant opportunities for the integration of cutting-edge omnichannel tech solutions into brand operations, thereby facilitating substantial growth in the foreseeable future.”
Founded in 2013, Ace Turtle is an omnichannel enablement platform that enables retail brands to sell online. In addition to its Saas platform offering, the Bengaluru-based company is also the exclusive licensee of global retail brands such as Lee, Wrangler, Toys“R”Us, and Babies“R”Us for India and other South Asian markets.
Earlier this year Ace Turtle strengthened its top management with the appointment of Amit Kriplani as its chief technology officer (CTO) and Punit Aggarwal as its chief financial officer (CFO). Read more about it here.
