Funding Update: Ace Turtle Raises $5 Million in Latest Round

Funding is a significant milestone for Ace Turtle, a tech-driven retail enterprise, which has successfully gathered $5 million in a recent bridge funding round led by Vertex Holdings, an existing backer. As reported by ET, co-founders Berry Singh and Nitin Chhabra were also involved in this funding round. This financial boost comes after a two-year hiatus for the Bengaluru-based business, which has accumulated a total of $48 million thus far. This includes a noteworthy $34 million round spearheaded by Vertex Ventures in May 2023 and a $4 million pre-Series B round conducted in July 2019.

Utilisation of Funds

The capital raised will be pivotal in fulfilling working capital requirements, extending the company’s offline retail footprint, and prolonging its runway as Ace Turtle gears up for a substantial fundraising initiative next year.

Ace Turtle’s Retail Operations

Ace Turtle is responsible for operating and distributing renowned global apparel brands like Lee, Wrangler, and G-Star Raw in India, utilising both online and offline channels. The firm is advancing its physical store network while implementing cost-cutting measures in response to a decline in discretionary retail demand.

Future Goals

The company’s target is to achieve EBITDA breakeven by December 2025 and to attain EBITDA positivity over the subsequent financial years as it continues to scale its omnichannel retail operations.