Startup Ace Turtle which offers technology services to retail companies, has raised $34 million in a Series B funding round. The Bengaluru-based firm announced on Tuesday that it will deploy the funds to procure the long-term licence’s of global fashion and lifestyle brands and widen its proprietary technology stack.
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 boasts 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 had inked a partnership with Flipkart for exclusive licensing rights of toys and baby brands Toys”R”Us and Babies”R”Us in India.
The startup reported significant growth in FY2022-23 by doubling its revenue and becoming EBITDA-positive. It plans to sustain this growth trajectory in the future, according to the statement. With the new round, ace turtle has secured 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.
The funding round was 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.
