Ace Turtle raises $5 Mn in bridge round led by Vertex Holdings

Tech-led retail firm Ace Turtle has raised $5 million in a bridge funding round led by its existing investor Vertex Holdings. 

According to an ET report, the company’s co-founders Berry Singh and Nitin Chhabra also participated in the round. 

The new round has come after a gap of two years for the Bengaluru-based company. It has raised $48 million to date including a $34 million round led by Vertex Ventures in May 2023 and a $4 million pre-Series B round in July 2019.

The proceeds will be used to support working capital needs, expand the company’s offline retail presence, and extend runway as Ace Turtle prepares for a larger fundraising round next year.

Ace Turtle operates and distributes global apparel brands in India, including Lee, Wrangler, and G-Star Raw, across online and offline channels. The firm has been expanding its physical store network while tightening costs amid slower demand in discretionary retail.

The company is targeting EBITDA breakeven by December 2025 and aims to turn EBITDA positive over the next few financial years as it scales its omnichannel retail operations.