Retail Company ace turtle Secures $34 Million In Series B Funding The fund raised will be utilised to acquire long-term licenses of international fashion and lifestyle brands and expand the company's proprietary technology stack
By Teena Jose
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The new India's leading technology-native retail company, ace turtle, spearheading the retail industry's next phase of transformation, has raised $34 million as part of its Series B funding. The Series B round was led by new investors Vertex Growth, SBI Investment Co. Ltd., Farglory, Lesing Nine, Stride Ventures, Tuscan Ventures and Trifecta Capital. The existing investors Vertex Southeast Asia & India and InnoVen Capital also participated in this round. The fund raised will be utilised to acquire long-term licenses of international fashion and lifestyle brands and expand the company's proprietary technology stack.
"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," said Nitin Chhabra, CEO, ace turtle.
The ace turtle is vertically integrated from design, local manufacturing and marketing to reach consumers directly. The company is powered by its proprietary technology which uses data science from design to fulfilment to meet ever-evolving consumer expectations, and it aims to sustain this impressive growth trajectory in the coming years, according to an official statement by the company.
"We are delighted to be a part of India's massive consumer upgrade story. We are fully committed to partnering with exceptional and promising organisations that are on the brink of growth. 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," said James Lee, general partner of Vertex Growth.
Vetrex Growth provides the expansion capital to realise the companies' vision of creating a category champion that is enduring and transformational.
