ace turtle, a Bengaluru, India-based technology-native retail company that provides a vertically integrated tech platform, raised $34 million in a Series B funding round,
The 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 & India and InnoVen Capital also participated in this round.
The funds will be utilized 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 utilized 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 of ace turtle.
Company: August Purple Services Pvt. Ltd.
Raised: $34.0M
Round: Series B
Funding Month: May 2023
Lead Investors: Vertex Growth, SBI Investment Co. Ltd., Farglory, Lesing Nine, Stride Ventures, Tuscan Ventures, and Trifecta Capital
Additional Investors: Vertex Southeast Asia & India and InnoVen Capital
Company Website: https://www.aceturtle.com/
Software Category: Omnichannel and Marketplace eCommerce Software
About the Company: Founded in 2013 by Nitin Chhabra and Berry Singh ace turtle is a vertically integrated tech platform transforming retail through technology. ace turtle has two business verticals: SaaS and licensed brands. With its proprietary platform Rubicon, integrates online and offline retail channels, enhancing efficiency and scalability through omnichannel transformation by intelligent use of data. Rubicon is used by large global brands as a SaaS platform and is also leveraged by an ace turtle for its licensed brand portfolio. Its Licensed Brands portfolio includes long-term licenses of marquee brands Lee, Wrangler, Toys "R" Us, and Babies "R" Us.
Source: https://www.entrepreneur.com/en-in/news-and-trends/retail-company-ace-turtle-secures-34-million-in-series-b/450837