The $34 million Series B funding round for retail technology startup Ace Turtle was led by Vertex Ventures and included contributions from SBI Investment, Farglory, Lesing Nine, Stride Ventures, Tuscan Ventures, and Trifecta Capital.
Vertex Southeast Asia & India and Innoven Capital, who are already investors, also took part in this round. The Bengaluru-based company’s latest round of funding follows a 45-month hiatus. Including a $4 million pre-Series B round in July 2019, it has raised $43 million so far.
The company says it will use the money to hire new employees, develop tech tools for omnichannel operations, buy licenses for new fashion and lifestyle brands, and increase its portfolio.
Ace Turtle, a ten-year-old company that provides e-commerce solutions, enables retail brands to sell online. SaaS and licensed brands are two of its two business verticals. For India and other South Asian markets, the company is the sole licensee of well-known retail names like Lee, Wrangler, Toys”R”Us, and Babies”R”Us.
In order to expand into new markets, the company recently announced that 50 stores of the casual wear brand Lee will be opened in the upcoming year.
Ace Turtle claims that its revenue more than doubled in FY23 and that it now has a positive EBITDA. The business, however, did not provide any figures. When compared to FY21, its operating revenue increased 2.6X to Rs 250.7 crore (from Rs 96.3 crore). According to the consolidated financial statement filed with the RoC, the company went from a profit of Rs. 12 lakhs in FY21 to a loss of Rs. 9.11 crore in FY22.