23 September 2017, India:
Bangalore-based omnichannel web commerce solutions provider, Ace Turtle has raised an undisclosed amount of venture debt from InnoVen Capital.
Ace Turtle is a one of the leading technology-driven platform company that provides directly to consumer commerce solutions for leading domestic and global retail brands. Ace Turtle, with its proprietary platform, integrates online and offline retail channels automating and optimising Omni-Channel fulfillment. The platform provides brands with a single view of inventory and a single view of the customer. It helps reduce the costs and complexity of Omni-Channel transformation for brands by using their existing framework and systems.
Commenting on the development, Chin Chao, CEO South East Asia and India, InnoVen Capital said “We are actively exploring debt funding for growth stage companies, which have the ability to showcase differentiation that significantly creates enterprise value and has the potential to build a scalable model. Within few years of operation, Ace Turtle has scaled up rapidly and has developed a go-to platform for several high-profile retail brands.”
Speaking on the development, Nitin Chhabra, CEO, Ace Turtle said, “At Ace Turtle, as we look to expand to overseas market, we are extremely pleased to have InnoVen Capital on board supporting our aim to expand internationally. The funds raised will be used towards an aggressive expansion of our customer base, especially in Southeast Asia. We aim to gain a leadership position in the omnichannel enterprise solution space in Asia in the next few years.”
Ace Turtle recently closed its series A funding from Singapore based Vertex Ventures, the venture arm of Temasek, the sovereign fund of Singapore Government and C31 Ventures, the venture capital arm of CapitaLand. A couple of days ago, InnoVen Capital also made an investment of $15.4 million in Online travel portal Yatra that too in venture debt.