Web Commerce Solutions Provider Ace Turtle Raises Venture Debt From InnoVen Capital

Web Commerce Solutions Provider Ace Turtle Raises Venture Debt From InnoVen Capital

SUMMARY

The Startup Previously Raised $5 Mn Series A Funding From Vertex Ventures, C31 Ventures, Others

Omni-channel web commerce solutions provider, Ace Turtle, has secured an undisclosed amount of venture debt from InnoVen Capital. For the uninitiated, venture debt is a type of debt financing for VC-backed companies experiencing rapid growth.

The newly-raised funding will be used to bolster Ace Turtle’s expansion plans in Southeast Asia, particularly Malaysia and Singapore. The investment will ultimately enable the company to develop new omnichannel solutions for brands across the globe.

Commenting on the development, Chin Chao, CEO South East Asia and India, InnoVen Capital said “We are actively exploring debt funding for growth stage companies, which have the ability to showcase differentiation that significantly creates enterprise value and has the potential to build a scalable model. Within few years of operation, Ace Turtle has scaled up rapidly and has developed a go-to platform for several high-profile retail brands”.

Ace Turtle: Providing Web Commerce Solutions To Retail Brands

Based in Bengaluru, Ace Turtle is a technology-driven platform that provides direct to consumer web commerce solutions to offline and online retail brands, including Ray-Ban, Puma, Max, Arrow, Flying Machine, Ed Hardy, US Polo and Fossil, among others. According to Ace Turtle CEO Nitin Chhabra, the company’s proprietary platform, Rubicon, provides technology, logistics and customer support-related assistance to clients, aimed at improving the post-click commerce experience of customers.

The interface is designed to automate and optimise omnichannel fulfilment by providing brands as well as customers with a single view of inventory. The company previously raised $5 Mn Series A funding from Singapore-based Vertex Ventures, the VC arm of Temasek, C31 Ventures, and the sovereign fund of the Government of Singapore in May.

Speaking about the latest funding round, Chabbra added, “At Ace Turtle, as we look to expand to overseas market, we are extremely pleased to have InnoVen Capital on board supporting our aim to expand internationally. The funds raised will be used towards an aggressive expansion of our customer base especially in Southeast Asia. We aim to gain leadership position in the omnichannel enterprise solution space in Asia in the next few years.”

InnoVen Capital Bent On Strengthening Its Presence In Southeast Asia

Established in 2008, InnoVen Capital is India’s first dedicated venture debt provider offering multiple debt capital solutions, including venture debt, acquisition finance, growth loans and syndication.  Formerly known as SVB India Finance, it was rebranded as a result of being acquired by Singapore-based Temasek Holdings in 2015. Since commencing operations, the Mumbai-based firm has expanded to Southeast Asia and China.

To date, InnoVen Capital has provided more than 165 loans to around 120 startups across diverse verticals, stages and geographies. The list of companies it has backed in the last nine years includes  OYO, Swiggy, Pepperfry, Shopclues, Byju’s, Freecharge, Myntra, Firstcry, Capillary and Practo in India as well as 123RF, M17 Entertainment and Oway in Southeast Asia.

Startups that were funded by InnoVen in 2016 include Mumbai-based, online insurance distribution platform Coverfox, Bengaluru-based online furniture rental company Furlenco, Flyrobe, Zelo, Unbxd, and Surewaves. The list also consists of repeat deals done with XpressBees and Universal Sportsbiz.

In 2016 alone, it offered debt financing of more than $16 Mn (INR 110 Cr) in 13 new deals. A statement issued by the fund stated that its deployment for the year totalled almost $58.6 Mn, (INR 400 Cr) across 43 loans, to 35 startups. Out of these, 26 investments were new additions to the portfolio.

In April 2017, online budget hotel brand and booking platform RedDoorz raised $1 Mn venture debt from InnoVen Capital. The round was led by the Asia Investment Fund of Susquehanna International Group (SIG), International Finance Corporation (IFC), the private investment arm of the World Bank Group, and Jungle Ventures.

Most recently, InnoVen Capital invested about $15.4 Mn in online travel company Yatra. The firm had previously extended a $4 Mn venture debt facility to Yatra in 2013. The firm’s venture debt investment in web commerce startup Ace Turtle is likely aimed at facilitating the startup’s expansion in Southeast Asia, a region where InnoVen Capital already has a stronghold.

You have reached your limit of free stories
Become An Inc42 Plus Member

Become a Startup Insider in 2024 with Inc42 Plus. Join our exclusive community of 10,000+ founders, investors & operators and stay ahead in India’s startup & business economy.

2 YEAR PLAN
₹19999
₹7999
₹333/Month
Unlock 60% OFF
Cancel Anytime
1 YEAR PLAN
₹9999
₹4999
₹416/Month
Unlock 50% OFF
Cancel Anytime
Already A Member?
Discover Startups & Business Models

Unleash your potential by exploring unlimited articles, trackers, and playbooks. Identify the hottest startup deals, supercharge your innovation projects, and stay updated with expert curation.

Web Commerce Solutions Provider Ace Turtle Raises Venture Debt From InnoVen Capital-Inc42 Media
How-To’s on Starting & Scaling Up

Empower yourself with comprehensive playbooks, expert analysis, and invaluable insights. Learn to validate ideas, acquire customers, secure funding, and navigate the journey to startup success.

Web Commerce Solutions Provider Ace Turtle Raises Venture Debt From InnoVen Capital-Inc42 Media
Identify Trends & New Markets

Access 75+ in-depth reports on frontier industries. Gain exclusive market intelligence, understand market landscapes, and decode emerging trends to make informed decisions.

Web Commerce Solutions Provider Ace Turtle Raises Venture Debt From InnoVen Capital-Inc42 Media
Track & Decode the Investment Landscape

Stay ahead with startup and funding trackers. Analyse investment strategies, profile successful investors, and keep track of upcoming funds, accelerators, and more.

Web Commerce Solutions Provider Ace Turtle Raises Venture Debt From InnoVen Capital-Inc42 Media
Web Commerce Solutions Provider Ace Turtle Raises Venture Debt From InnoVen Capital-Inc42 Media
You’re in Good company