Ace Turtle secures $34 million in Series B funding
New Delhi: Ace Turtle, an e-commerce solutions provider, said on Tuesday it raised $34 million, or €293 crore, as part of the Series B financing 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 range of e-commerce operations from listing, payments, customer relationship management (CRM) and logistics to offline retail brands.
The company has partnered with 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 used to develop advanced technology tools that enable seamless omnichannel operations, to license new fashion and lifestyle brands and to recruit skilled talent at all levels to support aggressive growth plans,” said Nitin Chhabra. , CEO, Ace Turtle.
Meanwhile, James Lee, general partner, Vertex Growth, said: “Ace Turtle’s expertise in the product supply chain and use of data-driven insights in understanding consumer behavior and demand offers significant opportunity.
In March, the company reopened 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 brand stores in the current fiscal year.
Yoshitaka Kitao, chairman and president of SBI Investment, said one of the main investment themes for the fund is domestic consumption in Asia. “We believe India will be a leading source of global growth in the coming decades, supported by positive demographic trends, a growing middle class and increasing internet penetration,” he said. SBI Investment Co., Ltd. is the main VC arm of SBI Holdings, a financial services group based in Tokyo, Japan.
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