Ace Turtle, an e-commerce solution provider, on Tuesday said it has raised $34 million, or ₹293 crore
New Delhi: Ace Turtle, an e-commerce solution provider, on Tuesday said it has raised $34 million, or ₹293 crore, as part of its Series B funding round led by new investors Vertex Growth, SBI Investment Co. Ltd., Farglory, Lesing Nine, Stride Ventures, Tuscan Ventures and Trifecta Capital.
Existing investors Vertex Southeast Asia & India and InnoVen Capital also participated in the round.
Founded in 2013 by Berry Singh and Nitin Chabra, Ace Turtle is a technology-focused platform that offers a full stack of an e-commerce operation from listing, payments, customer relationship management (CRM), and logistics to offline retail brands.
The firm partners brands such as Lee, Wrangler, Toys”R”Us and Babies”R”Us as their exclusive licensee for India and other South Asian markets. Ace Turtle is vertically integrated from design, local manufacturing and marketing to retail.
“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,” said Nitin Chhabra, CEO, Ace Turtle.
Meanwhile, James Lee, general partner, Vertex Growth, said, “Ace Turtle’s expertise in product supply chain and utilisation of data-driven insights in understanding consumer behaviour and demand present significant opportunities.
In March, the company re-opened the first Toys”R”Us store in India, and in April, it opened a flagship store for denim brand Lee in Bengaluru with plans to open 50 Lee branded stores in the current fiscal.
Yoshitaka Kitao, chairman and president of SBI Investment, said one of the key investment themes for the fund 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,” he said. SBI Investment Co., Ltd. is the major VC arm of SBI Holdings, a financial services company group based in Tokyo, Japan.