ace turtle, a software-as-a-service (SaaS) firm serving retail companies, has secured $34 million (Rs 278 crore) in a Series B funding round, led by Vertex Growth, SBI Investment Co Ltd, Farglory, Lesing Nine, Stride Ventures, Tuscan Ventures and Trifecta Capital.
Existing investors Vertex Southeast Asia and India and Innoven Capital also participated in the round.
The Bengaluru-based firm plans to use the funds to buy the long-term licences of international fashion and lifestyle brands and expand its proprietary technology stack, it said in a statement on Tuesday.
Founded in 2013 by Nitin Chhabra and Berry Singh, ace turtle helps retail companies strengthen their omnichannel presence through its integrated technology platform. The company has a portfolio of licensed brands including Lee, Wrangler, and Toys”R”Us and operates in India, Singapore, and Malaysia.
“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,” said Chhabra, CEO of ace turtle.
In 2021, ace turtle inked a partnership with Flipkart for exclusive licensing rights of toys and baby brands Toys”R”Us and Babies”R”Us in India.
The company said it grew significantly in FY2022-23 by doubling its revenue and becoming EBITDA-positive. It aims to sustain this growth trajectory in the coming years, according to the statement. With the latest round, ace turtle has raised over $40 million in funding till date.
“One of the key investment themes for us has been Asia’s domestic consumption. 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,” said Yoshitaka Kitao, Chairman and President of SBI Investment.
