Bangalore-based e-commerce consultancy firm Ace Turtle Services Pvt. Ltd has raised 5 million (Rs 32 crore) in its Series A round of funding from Vertex Venture Holdings Ltd, the venture capital arm of Singapore state investment firm Temasek, and Singapore-based real estate developer CapitaLand.
Ace Turtle will use the funds mainly to ramp up its technology platform and build leadership team, CEO Nitin Chhabra said in a statement. It will also use the money to expand into overseas markets, beginning with Southeast Asian markets such as Singapore and Malaysia.
“We see increasing demand for omni-channel solutions in India and in international markets… We endeavour to accelerate growth in Southeast Asia,” he added.
Vertex Venture focuses on sectors such as information technology and healthcare and makes investments in markets including Silicon Valley, China, Israel, India, Taiwan and Southeast Asia. The fund is headquartered in Singapore.
CapitaLand invested through its venture capital arm C31 ventures, which invests at the Series A to Series C stages with a focus on real estate and customer engagement.
CapitaLand claims to have a global portfolio of $55.5 billion as on 31 March 2017, according to its website. This comprises shopping malls, serviced residences, offices, homes, real estate investment trusts and funds.
Ace Turtle was founded in 2013 by Chhabra. The company helps offline brands go online by providing technology, customer support, marketing solutions and analytics through an integrated e-commerce platform. It also provides consulting services for e-commerce firms.
An MBA by qualification, Chhabra was previously the CEO of Iconix India, a licensing and brand management company in the fashion and lifestyle segment. The company was a joint venture between Reliance Brands Ltd and Iconix Brand Group.
The company’s offline customers include Intex, Arrow, Ed Hardy, Flying Machine, Fossil, Ray Ban, US Polo Association. It counts Flipkart and its subsidiaries Jabong and Myntra among its clients in the consulting vertical.
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