Retail tech startup Ace Turtle has raised $34 million in its Series B funding round led by Vertex Ventures, SBI Investment, 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 new round has come after a gap of 45 months for the Bengaluru-based company. It has raised $43 million to date including a $4 million pre-Series B round in July 2019.
According to the company, it will utilised the funds to develop tech tools for omnichannel operations, acquire licenses for new fashion and lifestyle brands, recruit new talents and expand its portfolio.
Started as an e-commerce solution provider, decade-old Ace Turtle enables retail brands to sell online It has two business verticals – SaaS and licensed brands. The company is the exclusive licensee of global retail brands such as Lee,Wrangler, Toys“R”Us, and Babies“R”Us for India and other South Asian markets.
The firm recently said that it will open 50 stores of casual wear brand Lee in the next 12 months as it enters new markets.
Ace Turtle claims to have grown significantly in FY23 by doubling its revenue and becoming EBITDA-positive. However, the company did not share any numbers. During FY22, its operating revenue jumped 2.6X to Rs 250.7 crore as compared to Rs 96.3 crore in FY21. As per the consolidated financial statement with the RoC, the company slipped into losses as it posted Rs 9.11 crore loss in FY22 against Rs 12 lakh profit in FY21.
