New Delhi, May 2 (SocialNews.XYZ) Homegrown technology-native retail company ace turtle on Tuesday said it has raised $34 million (about Rs 293 crore) as part of its Series B funding.
The company said the funds will be utilised to acquire long-term licenses of international fashion and lifestyle brands and expand company's proprietary technology stack.
The funding round was led by new investors Vertex Growth, SBI Investment Co Ltd, Farglory, Lesing Nine, Stride Ventures, Tuscan Ventures and Trifecta Capital.
The existing investors Vertex Southeast Asia & India and InnoVen Capital also participated in this round.
"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," said Nitin Chhabra, CEO, ace turtle.
ace turtle grew significantly in the financial year 2022-23 by doubling its revenue and becoming EBITDA-positive.
"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," said James Lee, General Partner of Vertex Growth.
Yoshitaka Kitao, Chairman and President of SBI Investment added that the investment in ace turtle "builds on our programme to provide long-term capital to innovative companies transforming industries at scale".
Source: IANS
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