May 5, 2023, BENGALURU, India — Ace Turtle, a leading technology-native retail firm in India driving the next stage of revolution in the retail sector, announced it has raised USD 34 million as part of its Series B funding. Significant interest from both existing and new investors was shown during the fundraising. New investors Vertex Growth, SBI Investment Co. Ltd., Farglory, Lesing Nine, Stride Ventures, Tuscan Ventures, and Trifecta Capital took the lead in the Series B round. Vertex Southeast Asia & India and InnoVen Capital, two previous investors, also participated in this round.
Nitin Chhabra, CEO of Ace Turtle, commented on the funding: “Our goal is to expand vertical commerce to new heights and drive the next chapter of retail in India. To support the ambitious expansion objectives, the money will be used to create cutting-edge technology solutions that guarantee flawless omnichannel operations, buy new fashion and lifestyle brand licenses, and hire qualified staff at all levels. This will enable us to diversify our brand portfolio and maintain our market advantage.
Ace Turtle saw considerable growth by doubling its revenue and turning positive on the EBITDA scale in the fiscal year 2022–2023. Ace Turtle hopes to continue its outstanding development trajectory in the upcoming years. Currently included in its portfolio of licensed brands are Lee®, Wrangler®, Toys”R”Us®, and Babies”R” Us®.
Vertex Growth’s general partner James Lee stated that the company was “thrilled” to be a part of the big consumer upgrade story in India. We are wholly devoted to collaborating with tremendous and promising businesses poised for expansion. Ace Turtle’s asset-light strategy, its in-depth knowledge of the product supply chain, and its use of data-driven insights to understand consumer behavior and demand present significant opportunities for the integration of cutting-edge omnichannel tech solutions into brand operations, thereby facilitating significant growth in the
Asia’s domestic consumption has been one of our core investment topics, according to Yoshitaka Kitao, Chairman and President of SBI Investment. In the coming decades, we predict India will be a significant driver of global growth thanks to favorable demographics, a burgeoning middle class, and increasing internet penetration. This investment in Ace Turtle expands upon our initiative to give long-term funding to startup businesses that are revolutionizing whole industries. We are eager to help Ace Turtle in its attempts to use technology to enable the expansion of the Indian retail market.
Ace Turtle, a company with offices in Bengaluru and Singapore, is vertically integrated across design, domestic production, and marketing to reach customers directly. Ace Turtle’s proprietary system combines data science from product creation to fulfillment to match changing consumer demands.
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