Ace Turtle Raises $34M in Series B Funding to Strengthen Its Omnichannel Platform

• ByStartupStory     |    May 2, 2023

Bengaluru-based startup Ace Turtle has raised $34 million (Rs 278 crore) in a Series B funding round, led by Vertex Growth, SBI Investment Co Ltd, Farglory, Lesing Nine, Stride Ventures, Tuscan Ventures, and Trifecta Capital. The company, which offers technology services to retail companies, aims to use the funds to purchase long-term licenses of international fashion and lifestyle brands and expand its proprietary technology stack, according to a statement by the company.

Ace Turtle was founded in 2013 by Nitin Chhabra and Berry Singh and has a portfolio of licensed brands including Lee, Wrangler, and Toys”R”Us. It operates in India, Singapore, and Malaysia.

“The funds will be utilized 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 Chhabra, CEO of Ace Turtle. The company had doubled its revenue and became EBITDA-positive in the financial year 2022-23, the statement said. It aims to sustain this growth trajectory in the coming years.

Ace Turtle inked a partnership with Flipkart for exclusive licensing rights of toys and baby brands Toys”R”Us and Babies”R”Us in India last year. With the latest round, Ace Turtle has raised over $40 million in funding to date.

Yoshitaka Kitao, Chairman and President of SBI Investment, said, “One of the key investment themes for us 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.”

Ace Turtle helps retail companies strengthen their omnichannel presence through its integrated technology platform. The company has built solutions for improving sell-throughs and efficiencies across online and offline channels. Its platform enables retailers to achieve agility, efficiency, and seamless consumer experience across all channels.

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