E-commerce solution provider Ace Turtle, which enables retail brands to sell online has raised ₹27 crore in pre-Series B round of financing from its existing investor Vertex Ventures and a new private equity investor, said two people close to the development, requesting anonymity.
The first person who was briefed on the deal said that Ace Turtle is also in talks to raise additional equity financing from new investors in the ongoing Series B round. Mint wasn’t able to verify names of the new investors.
When contacted, Ben Mathias, managing partner of Vertex confirmed the development. “Ace Turtle just closed a financing led by a new investor. Vertex co-invested its pro-rata in the round…We (originally) led the Series A in Ace Turtle a couple of years ago,” added Mathias in an emailed response.
Till date, Ace Turtle has raised around $5 million in financing across both equity and debt financing from investors such as InnoVen Capital and its other existing investors.
Founded in 2013 by Berry Singh and Nitin Chabra, Ace Turtle is a technology-focused platform that offers a full stack of an e-commerce operation from listing, payments, customer relationship management (CRM), and logistics to offline retail brands.
Most of Ace Turtle’s customers are lifestyle, apparel, and luggage brands such as Max, Puma, Fossil, US Polo, and Ray Ban among others. The company has 50 such retail brands on its platform.
Ace Turtle does not own any inventory; it instead facilities brick-and-mortar brands by helping them manage and list their product inventory across e-commerce platforms and online websites. It does this by managing and distributing the entire stock keeping unit of a brand.
Right from order processing to last-mile delivery, Ace Turtle offers a full stack e-commerce software and operational resources to brands. It has partnered with multiple logistics provider for deliveries.
In an earlier interview with Mint, the company’s co-founder Berry Singh said that Ace Turtle also has plans to expand into fast-moving consumer goods (FMCG) and electronics retail.
“As we scale up, we have identified three segments as our core target, which are primarily fashion, consumer electronics and FMCG. In fact, after fashion or apparel, consumer electronics is the second largest addressable market for us,” said Singh in the earlier interview in 2018.
Ace Turtle also has operations in Singapore and Malaysia. Ace Turtle competes with other e-commerce enables such as Peel-Works, which last raised $5 million in a Series B round led by Equanimity Ventures in May.
This article was first published on livemint.com