ace turtle raised the funding from Vertex Growth, SBI Investment Co. Ltd., Farglory, Lesing Nine, Stride Ventures, Tuscan Ventures, and Trifecta Capital
Besides the new investors, the startup’s existing investors Vertex Southeast Asia & India and InnoVen Capital also participated in the funding round
The startup said it would use the fresh funds to acquire long-term licences of international fashion and lifestyle brands, expand its proprietary technology stack, and hire new talent
Retail Tech Startup ace turtle on Tuesday (May 2) said it has raised a funding of $34 Mn (INR 293 Cr) in its Series B round from Vertex Growth, SBI Investment Co. Ltd., Farglory, Lesing Nine, Stride Ventures, Tuscan Ventures, and Trifecta Capital.
Besides these new investors, the startup’s existing investors Vertex Southeast Asia & India and InnoVen Capital also participated in the funding round.
ace turtle said it would use the fresh funds to acquire long-term licences of international fashion and lifestyle brands and expand its proprietary technology stack. The startup also plans to recruit talent across levels to support its aggressive growth plans.
‘Our aim is to lead the next phase of retail in India and scale it to new heights through vertical commerce,” said Nitin Chhabra, CEO of ace turtle.
Founded in 2013 by Chabra and Berry Singh, ace turtle offers full-stack ecommerce software and operational resources that provide end-to-end solutions to offline retail brands. The startup has two business verticals – SaaS and licensed brands.
Its proprietary platform Rubicon integrates online and offline retail channels and helps companies enhance efficiency and scalability through omnichannel transformation. Rubicon is used by global brands as a SaaS Platform. ace turtle also uses this platform for its portfolio of licensed brands, which includes names like Wrangler, Toys”R” Us, Lee, and more.
ace turtle said it aims to sustain the significant growth it witnessed in FY23, when its revenue doubled and it became EBITDA positive.
“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,” said Yoshitaka Kitao, chairman and president of Japanese VC firm SBI Investment.
ace turtle last raised INR 27 Cr in its pre-Series B funding round in 2019.
The startup competes with the likes of Vinculum and Unicommerce.
As per an Inc42 report, the total addressable market (TAM) for Indian ecommerce is expected to reach $400 Bn by 2030, growing at a compound annual growth rate (CAGR) of 19% from 2022. The emergence of omnichannel has started becoming a dominant force in the sector.
However, amid the funding winter, there was a 63% year-on-year (YoY) decline in total funding in the ecommerce sector to $4 Bn in 2022.