ace turtle Secures USD 34 Million in Series B Funding to Lead Indian Retail Sector's Next Phase
ace turtle, new India's leading technology-native retail company spearheading the retail industry's next phase of transformation, today announced that it has raised USD 34 million as part of its Series B funding. The fundraise demonstrated significant interest from existing and new investors. The Series B round was led by new investors Vertex Growth, SBI Investment Co. Ltd., Farglory, Lesing Nine, Stride Ventures, Tuscan Ventures and Trifecta Capital. The existing investors Vertex Southeast Asia & India and InnoVen Capital also participated in this round.
Commenting on the funding, Nitin Chhabra, CEO, ace turtle said, "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."
ace turtle grew significantly in the financial year 2022-23 by doubling its revenue and becoming EBITDA-positive. ace turtle aims to sustain this impressive growth trajectory in the coming years. Its portfolio of licensed brands currently comprises Lee®, Wrangler®, Toys"R"Us® and Babies"R"Us®.
James Lee, General Partner of Vertex Growth said, "We are delighted to be a part of India's massive consumer upgrade story. We are fully committed to partnering with exceptional and promising organisations that are on the brink of growth. The asset-light approach of ace turtle, their deep domain expertise in 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, thereby facilitating substantial growth in the foreseeable future."
Yoshitaka Kitao, Chairman and President of SBI Investment said, "One of the key investment themes for us has been Asia's domestic consumption. 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 in ace turtle builds on our program to provide long-term capital to innovative companies transforming industries at scale. We look forward to supporting ace turtle's efforts in enabling the growth of India's retail market through technology."
Bengaluru and Singapore-based ace turtle is vertically integrated from design, local manufacturing and marketing to reach consumers directly. ace turtle is powered by its proprietary technology which uses data science from design to fulfilment to meet ever-evolving consumer expectations.