Behind Ace Turtle's $34M Series B Fundraising Journey - Acing Growth and Profitability

Ben MATHIAS | 30 May 2023

“In India, innovation is a lot about execution and technology plays a part, of course, but it can only go so far in this country.” shares our Managing Partner, Ben Mathias in an interview with Forbes India who has led investments in now-unicorn companies such as Licious, FirstCry, and the spin-out Xpressbees.

Today, we highlight another company that embodies this principle: Ace Turtle, one of our India portfolio companies. Ace Turtle, an innovative e-commerce solution provider, is disrupting the retail industry with its pioneering omnichannel platform and significant expansion of physical presence.

Recently, Ace Turtle achieved a great stride in its journey by successfully raising a $34 million Series B funding round. The round was led by new investors Vertex Growth, SBI Investment Co. Ltd., and others. As an existing investor, we at Vertex Ventures Southeast Asia & India, are delighted to continue participating in this round. This fresh capital will fortify Ace Turtle's competitive edge in the market and fuel its aggressive growth plans.

Read more about it here

Established in 2013 by Berry Singh and Nitin Chhabra, Ace Turtle started as a Software-as-a-Service (SaaS) company. It has now grown into a robust, vertically integrated tech platform that is transforming the traditional retail industry. Its proprietary platform, Rubicon, elegantly integrates online and offline retail channels, enhancing efficiency and scalability through intelligent data usage. This platform is leveraged by globally renowned brands as well as Ace Turtle's licensed brands portfolio, which includes marquee names such as Lee, Wrangler, and Toys"R"Us.

In addition to its digital prowess, Ace Turtle is set to bolster its physical presence by opening 50 new stores for the denim brand Lee in India this financial year. This move underlines their commitment to offering a seamless customer experience both online and offline. Learn more about their expansions here.

Ben Mathias, credits Ace Turtle's success to their execution and strategic pivot "from being purely a technology provider to also an operator." This bold decision to manage end-to-end retail operations for brands has proven fruitful, leading to successful expansions in India, Singapore, and Malaysia.

Ace Turtle's innovative approach has proven crucial amid the pandemic when brands and retailers were pushed towards adopting an omnichannel approach to meet the changing consumer habits. Their solution – an integrated platform that offers a seamless shopping experience across multiple touchpoints, has benefitted both customers and retailers.

This comprehensive omnichannel platform has been instrumental in assisting brands by integrating all sales channels through Rubicon, allowing brands to receive and fulfill orders from any channel, both online and offline. Furthermore, the platform is designed to efficiently manage demand spikes, ensuring operational stability. Its sophisticated inventory management system not only maintains an optimal balance of goods but also contributes to significant savings on fulfillment and supply chain costs resulting in higher net margins.

The transformation brought about by Ace Turtle is more than incremental – it's about reimagining every aspect of the retail business. With the rise of e-commerce and changing customer behavior, the need for omnichannel retail is more relevant than ever. Ace Turtle's platform delivers a customer-centric shopping journey that ensures a wide selection and a frictionless experience, thereby enhancing overall customer satisfaction.

We invite you to delve deeper into the Ace Turtle story through our video interview with Nitin Chhabra, Co-founder, and CEO. Nitin shares insights into Ace Turtle's transformative journey and future growth plans.

Watch the interview here.

At Vertex Ventures, we are incredibly proud to support Ace Turtle in its journey of transforming retail through technology. The company's growth trajectory and funding success underscore the value and potential of their innovative solutions. We look forward to continuing to work alongside them as they shape the future of retail.

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Vertex Ventures Southeast Asia and India is part of the global Vertex Ventures network of funds.

In addition to Southeast Asia and India, the Vertex Global Network is comprised of affiliates in Silicon Valley, China and Israel. This provides a unique platform for our portfolio companies to realize their full potential by leveraging the combined experience and resources of our extensive network of global partners.

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