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From L to R: Nitin Chhabra and Berry Singh, co-founders of Ace Turtle
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E-commerce enabler Ace Turtle raises venture debt from Innoven Capital

22 September, 2017

Bengaluru-based e-commerce solutions and consultancy firm Ace Turtle Services Pvt. Ltd has raised an undisclosed sum from venture debt firm Innoven Capital India Pvt. Ltd.

“The funds will be used towards an aggressive expansion of our customer-base, especially in South East Asia. We aim to gain leadership position in the omni-channel enterprise solution space in Asia,” Ace Turtle co-founder and CEO Nitin Chhabra said in a press note.

In a recent interaction with VCCircle, Ace Turtle COO and co-founder Berry Singh had said that the company will set up shop in Singapore and Malaysia, before gradually expanding to other Southeast Asian regions. It has also identified the Gulf Cooperation Council as a potential region for expansion.

Innoven Capital is the venture debt arm of Singapore Government’s sovereign fund, Temasek, which had also invested in Ace Turtle through its venture arm, Vertex Ventures, a fund that invests in startups across Asia with a focus on India, Singapore, Indonesia and Taiwan.

In May, Ace Turtle had raised a Series A round from Vertex and Singapore-based C31 Ventures, the venture investment arm of developer CapitaLand.

“We are actively exploring debt funding for growth stage companies, which have the ability to showcase differentiation that significantly creates enterprise value and has the potential to build a scalable model,” said Chin Chao, CEO South East Asia and India, InnoVen Capital.

Earlier, InnoVen Capital had pumped in $15.4 million (Rs 100 crore) in venture debt into Nasdaq-listed Yatra Online, Inc., which runs travel portal Yatra.com.

Ace Turtle, which was founded in 2013, helps offline brands go online by providing technology, customer support, marketing solutions and analytics via an integrated platform.

The company’s flagship offering, Rubicon, offers services such as order, inventory, logistics and catalogue management. It is now developing an omni-channel analytics platform to track and analyse consumer data.

The company, which works with more than 20 large brands in the fashion space counts Puma, Ed Hardy, Arrow, US Polo, Flying Machine, Fossil and Ray-Ban as its cleints. The company is also looking to diversify into the fast-moving consumer goods and consumer durables segments.

Singh had also told VCCircle that the company, which is currently registering 25% month-on-month growth and clocking a revenue run rate of $4 million in 2017-18, was poised to touch $8 million by 2018-19.

The e-commerce enabler space has seen significant investor interest in recent times.

Last month, Zepo Technologies Pvt. Ltd, which runs a do-it-yourself e-commerce platform for small businesses, had raised Rs 3.19 crore from a clutch of investors, including online funding platform LetsVenture, FreeCharge co-founder Kunal Shah and People Group founder Anupam Mittal.

In June, Singapore- and Bengaluru-based e-commerce enabler Shopmatic had raised $5.7 million in a Series A round from ACP Pte Ltd, a technology-focussed venture capital firm, and Spring Seeds Capital Pte. Ltd, the investment subsidiary of SPRING Singapore.

In May, Singapore- and Pune-based Anchanto had raised an undisclosed amount from Luxasia Group, a Singapore-headquartered omni-channel retailer of beauty products.

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E-commerce enabler Ace Turtle raises venture debt from Innoven Capital

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