Existing investor Vertex Ventures and a new private equity investor have joined the round
Ace Turtle also in talks to raise additional equity financing in the ongoing Series B round
The inventory management startup Ace Turtle has raised around $5 Mn in financing
Ecommerce solutions provider Ace Turtle has reportedly raised INR 27 Cr (about $4 Mn) in Pre-Series B round of funding from existing investor Vertex Ventures and a new private equity investor.
A person briefed on the deal told Mint that Ace Turtle is also in talks to raise additional equity financing from new investors in the ongoing Series B round.
Ace Turtle facilities brick-and-mortar brands by helping them manage and list their product inventory across e-commerce platforms and online websites. It does this by managing and distributing the entire stock keeping unit of a brand while not owning any inventory.
Till date, Ace Turtle has raised around $5 Mn in financing across both equity and debt financing from investors such as InnoVen Capital and its other existing investors.
The company’s core customers consist of lifestyle, apparel, and luggage brands such as Max, Puma, Fossil, US Polo, and Ray-Ban. The company has 50 such retail brands on its platform.
Ace Turtle, founded in 2013 by Berry Singh and Nitin Chabra, offers a full-stack e-commerce software and operational resources which provides end-to-end solutions ranging from order processing, payments, customer relationship management (CRM), logistics to offline retail brands and last-mile delivery. It has partnered with multiple logistics provider for the deliveries component.
Riding on the growth thanks to increasing online transactons, cheaper internet and rising retail awareness in India, the logistics segment and SaaS products that support retail operations are seeing a flurry of investments in India.
In May, Mumbai-based Peel-Works, which is a SaaS platform for grocery stores and corner shops raised $5 Mn in a Series B funding round and earlier this week, Gurugram-based logistics startup Rivigo raised $65 Mn in its ongoing series E round led by existing investors Warburg Pincus and SAIF Partners.
In February, Pune-based ecommerce logistics provider Xpressbees raised INR 35 Cr ($4.9 Mn) from Mumbai-based venture debt and speciality lending company InnoVen Capital.
Xpressbees provides services such as last-mile delivery, reverse logistics, payment collection, drop shipping, vendor management, cross-border services, fulfilment services and tailored software solutions.