Ace Turtle, a tech-driven retail company, raised $5 million in a bridge fundraising round headed by Vertex Holdings, its current investor. Berry Singh and Nitin Chhabra, the company's co-founders, reportedly took part in the round as well.
Key Highlights
- Ace Turtle raises $5 million in a bridge funding round led by Vertex Holdings.
- Fresh capital will support business expansion, brand growth, and operational strengthening initiatives.
Two years have passed since the Bengaluru-based company's previous round. To far, it has funded $48 million, including a $4 million pre-Series B financing in July 2019 and a $34 million round led by Vertex Ventures in May 2023.
As Ace Turtle gets ready for a bigger fundraising round the next year, the revenues will be utilized to support working capital needs, increase the company's offline retail presence, and extend runway.
Global clothing brands like Lee, Wrangler, and G-Star Raw are operated and distributed by Ace Turtle in India through both online and retail channels. In the face of declining demand in discretionary shopping, the company has been growing its network of physical stores while cutting expenses.
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As it expands its omnichannel retail activities, the company hopes to turn EBITDA positive over the following few fiscal years and reach EBITDA breakeven by December 2025.
