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Ace Turtle Secures $34 Million In Series B Funding

The retail technology company will utilise the funds to acquire long-term licenses of international fashion and lifestyle brands and expand company’s proprietary technology stack

Ace Turtle Secures $34 Million In Series B Funding
Nitin Chhabra, CEO, Ace Turtle
POSTED ON May 02, 2023 7:38 PM

Ace Turtle, new India’s leading technology-native retail company spearheading the retail industry’s next phase of transformation, today announced that it raised $34 million (Rs 293 crore) as part of its Series B funding. It was 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 this round.

Commenting on the funding, Nitin Chhabra, CEO of Ace Turtle, said, “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. This will help us to expand our brand portfolio and solidify our competitive edge in the market.” 

Ace Turtle grew significantly in the financial year 2022-23 by doubling its revenue and becoming EBITDA-positive. ace turtle aims to sustain this impressive growth trajectory in the coming years. Its portfolio of licensed brands currently comprises Lee, Wrangler, Toys’R’Us and Babies’R’Us.  

James Lee, General Partner of Vertex Growth, said, “The asset-light approach of Ace Turtle, their deep domain expertise in product supply chain and utilisation of data-driven insights in understanding consumer behaviour and demand, present significant opportunities for the integration of cutting-edge omnichannel tech solutions into brand operations, thereby facilitating substantial growth in the foreseeable future.”

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. This investment in ace turtle builds on our program to provide long-term capital to innovative companies transforming industries at scale.” 

Bengaluru and Singapore-based Ace Turtle is vertically integrated from design, local manufacturing and marketing to reach consumers directly. It is powered by its proprietary technology, which uses data science from design to fulfilment to meet ever-evolving consumer expectations.  

Vertex Growth is part of Vertex’s global network of venture capital funds comprised of affiliates in China, Israel, Southeast Asia and India, and the US. Through its network, Vertex Growth accesses opportunities emerging from the innovation hubs across the world and drives significant value by working closely with the Vertex ecosystem of portfolio companies and partners.

Tokyo-based SBI Investment Co., Ltd. is the major VC arm of SBI Holdings. Over the last 20 years, it has invested in over 1000 companies and has over 190 exits. It invests from $1 million to $20 million in various sectors, including fintech, artificial intelligence, consumer tech, SaaS, B2B commerce and supply chain, deep tech, etc. 

The group’s businesses and companies are held primarily at SBI Holdings and provide financial services in various categories, including securities, asset management, banking and insurance and has formed an Internet-based financial conglomerate. 

The group also has a biotechnology-related business line which develops cosmetics, health foods and drug discovery. Furthermore, the group operates the business school SBI Graduate School. SBI is listed on the first section of the Tokyo Stock Exchange and Osaka Securities Exchange.

Founded in 1969 by Chairman Teng-Hsiung Chao, Taiwan-based Farglory has earned a reputation of excellence for its dedication to ambitious international projects distinguished by quality craftsmanship and modern, sustainability-minded design. It operates across diversified industries that spread to construction, insurance, finance, hospitality, entertainment and medical care it has over 600 completed projects comprising over 200 million square feet.

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