Ace Turtle, India’s leading technology-native retail company has raised US $ 34 million (Rs. 293 crore) as part of its Series B funding.
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 and India and InnoVen Capital also participated in this round.
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 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, ”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.”
