Ace Turtle raises $34 million from Vertex Growth, others

By

Maverick Martins

Published
May 2, 2023

Homegrown retail company Ace Turtle has raised $34 million (Rs 293 crore) as part of its series B funding round from investors Vertex Growth, SBI Investment Co Ltd, Farglory, Lesing Nine, Stride Ventures, Tuscan Ventures, and Trifecta Capital.

The company’s existing investors Vertex Southeast Asia & India and Innoven Capital also participated in the funding round.

Ace Turtle will utilise the funds to strengthen its brand portfolio by acquiring long-term licenses of international fashion brands and expansion.

Commenting on the funding, Nitin Chhabra, CEO of Ace Turle in a statement said, “The funds will be utilised to develop cutting-edge technological tools that ensure seamless omni-channel operations, acquire licenses for new fashion and lifestyle brands, and recruit skilled talent across all levels to support the aggressive growth plans.”

James Lee, general partner of Vertex Growth added, “The asset-light approach of Ace Turtle, their deep domain expertise in product supply chain present significant opportunities for the integration of cutting-edge omnichannel tech solutions into brand operations, thereby facilitating substantial growth in the foreseeable future.”

Ace Turtle is a technology-driven retail company which currently holds long-term licenses of marquee brands Lee, Wrangler, Toys R Us, and Babies R Us to operate in India.