Ace Turtle, which owns Lee, Wrangler, Toys 'R' Us, and Babies 'R' Us in India, has raised USD 34 million (Rs 293 crore) in Series B funding.
Vertex Growth, SBI Investment Co. Ltd., Farglory, Lesing Nine, Stride Ventures, Tuscan Ventures, and Trifecta Capital led the Series B round. This round was also attended by existing investors Vertex Southeast Asia and India, as well as InnoVen Capital.
"The funds will be used to develop technological tools that ensure seamless omnichannel operations, acquire licences for new fashion and lifestyle brands, and recruit talent at all levels to support the company's aggressive growth plans." This will allow us to broaden our brand portfolio and strengthen our market position', said Nitin Chhabra, CEO of Ace Turtle.
In the fiscal year 2022-23, ace turtle doubled its revenue and became EBITDA-positive.
"Ace Turtle's asset-light approach, deep domain expertise in product supply chain, and use of data-driven insights in understanding consumer behaviour and demand present significant opportunities for the integration of cutting-edge omnichannel tech solutions into brand operations, facilitating substantial growth in the foreseeable future," said James Lee, General Partner of Vertex Growth.
To reach consumers directly, ace turtle is vertically integrated from design to local manufacturing and marketing.
"Asian domestic consumption has been one of our key investment themes." We believe India will be a leading source of global growth in the coming decades, owing to favourable demographics, a growing middle class, and increased internet penetration," said Yoshitaka Kitao, Chairman and President of SBI Investment.