Ace Turtle Services Pvt Ltd, which runs omnichannel platform for retail enterprises Ace Turtle, on Tuesday said it has raised $34 million (Rs 293 crore) in a Series B funding round co-led by Vertex Growth Fund and SBI Investment Co Ltd, the venture capital arm of SBI Holdings.
The round also saw participation from Farglory, Lesing Nine, Stride Ventures, Tuscan Ventures and Trifecta Capital, with existing investors like Vertex Southeast Asia and India and InnoVen Capital.
Founded in 2013, Ace Turtle helps offline brands go online by providing technology, customer support, marketing solutions and analytics via an integrated platform. Its portfolio of licensed brands currently comprises Lee, Wrangler, Toys"R"Us and Babies"R"Us.
“The funds will be utilised to develop technological tools for better omnichannel operations, acquire licenses for new fashion and lifestyle brands, and recruit talent. This will help us to expand our brand portfolio,” said Nitin Chhabra, chief executive officer, Ace Turtle while commenting about the funding.
The company claims to have doubled its revenue and become EBITDA (earnings before interest, taxes, and amortization)-positive in FY23. However, it did not disclose the exact financial details.
Ace Turtle competes with the likes of Vinculum Solutions Pvt. Ltd and Unicommerce.
“The asset-light approach of Ace Turtle, and utilisation of data-driven insights in understanding consumer behaviour and demand, present opportunities for the integration of omnichannel tech solutions into brand operations,” said James Lee, general partner of Vertex Growth.
The funding comes after almost four years since it raised its last round of investment. In 2019, it pocketed a bridge round of funding from Vertex Ventures. Last year, VCCircle reported that Ace Turtle was in the advanced stages of discussion with institutional investors to raise $50 million (around Rs 388 crore) in a Series C round of funding and aimed to go public in the next 3-4 years.
Earlier in 2017, the startup raised an undisclosed sum in a Series A funding round from Temasek’s venture capital arm Vertex Ventures and Singapore-based C31 Ventures, the venture investment arm of developer CapitaLand. In the same year, it raised a ventue debt round from Innoven Capital as well.
