Ace Turtle secures $34 million in Series B funding

Existing investors Vertex Southeast Asia & India and InnoVen Capital also participated in the round.

Founded in 2013 by Berry Singh and Nitin Chhabra, Ace Turtle is a technology-focused platform that provides a full stack of e-commerce operations ranging from listing, payments, customer relationship management (CRM) and logistics to offline retail brands.

The company partners with brands such as Lee, Wrangler, Toys”R”Us and Babies”R”Us as its exclusive licensee for India and other South Asian markets. Ace Turtle is vertically integrated from design, local manufacturing and marketing to retail.

Ace CEO Nitin Chhabra said, “The funds will be used to develop state-of-the-art technology tools that ensure seamless omnichannel operations, acquire licenses for new fashion and lifestyle brands and recruit skilled talent at all levels.” Are.” Tortoise.

Meanwhile, James Lee, General Partner at Vertex Growth, said, “Ace Turtle’s expertise in the product supply chain and application of data-driven insights to understand consumer behavior and demand present significant opportunities.

In March, the company reopened the first Toys”R”Us store in India, and in April, it opened a flagship store for denim brand Lee in Bengaluru, with plans to open 50 Lee branded stores in the current fiscal.

Yoshitaka Kitao, chairman and president of SBI Investments, said that one of the key investment themes for the fund has been domestic consumption in Asia. “We believe India will be a major source of global growth in the coming decades, supported by positive demographics, growing middle class and increasing internet penetration,” he said. , a financial services company group based in Tokyo, Japan.