ace turtle, a technology-native retail company, has raised $34 million (₹293 crore) as part of its Series B funding from existing and new investors.
The round was led by new investors Vertex Growth, SBI Investment Co. Ltd., Farglory, Lesing Nine, Stride Ventures, Tuscan Ventures, and Trifecta Capital. Existing investors including Vertex Southeast Asia and India and InnoVen Capital, also participated.
“Our aim is to lead the next phase of retail in India and scale it to new heights through vertical commerce. 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,” said Nitin Chhabra, CEO, ace turtle.
‘Brink of growth’
According to the company, in FY23, it doubled its revenue and became EBITDA-positive, and plans to sustain this growth trajectory. Its portfolio of licensed brands currently comprises Lee, Wrangler, Toys”R”Us and Babies”R”Us.
“We are fully committed to partnering with exceptional and promising organisations that are on the brink of growth. The asset-light approach of the company, its domain expertise in the product supply chain, and utilisation 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, facilitating substantial growth in the foreseeable future,” said James Lee, General Partner of Vertex Growth.
The company is vertically integrated from design, local manufacturing, and marketing to reach consumers directly and powered by its proprietary technology which uses data science from design to meet consumer expectations.
“We believe India will be a leading source of global growth in the decades ahead, supported by positive demographics, a growing middle class, and deepening internet penetration. This investment builds on our programme to provide long-term capital to innovative companies transforming industries at scale,” said Yoshitaka Kitao, Chairman and President of SBI Investment.
Published on May 2, 2023
