Ace Turtle raises $34 mn

E-commerce solutions provider Ace Turtle has raised $34 million led by new investors Vertex Growth, SBI Investment, Farglory, Lesing Nine, Stride Ventures, Tuscan Ventures and Trifecta Capital. Existing investors Vertex Southeast Asia & India and InnoVen Capital also participated in this round.
Nitin Chhabra, CEO of Ace Turtle said, “Our aim is to lead the next phase of retail in India and scale it to new heights through vertical commerce.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 is vertically-integrated from design, local manufacturing and marketing to reach consumers directly. The Bengaluru and Singapore-based Ace Turtle is the exclusive licensee of global brands Lee, Wrangler, Toys“R”Us and Babies“R”Us for India and other South Asian markets. Ace Turtle's revenue doubled in the 2022-23 financial year.
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.”