E-commerce enabler Ace Turtle raises debt fund from InnoVen Capital for SEA expansion

Bengaluru-based e-commerce solutions and consultancy firm Ace Turtle Services Pvt. Ltd has raised undisclosed sum from Asia’s leading venture debt firm InnoVen Capital.

E-commerce enabler Ace Turtle raises debt fund from InnoVen Capital for SEA expansion

Speaking on the development, Nitin Chhabra, CEO, Ace Turtle said “The funds raised will be used towards an aggressive expansion of our customer base especially in South East Asia. We aim to gain leadership position in the omni-channel enterprise solution space in Asia in the next few years”.

Ace Turtle was founded in September 2013 by Nitin Chhabra and Berry Singh. The company provides ecommerce development tools and fully managed services, with a focus on omnichannel retail solutions. It helps offline brands go online by providing technology, customer support, marketing solutions and analytics via an integrated platform.

The company’s flagship offering, Rubicon, offers services such as order, inventory, logistics and catalogue management. It is now developing an omni-channel analytics platform to track and analyse consumer data.

The company, which works with more than 20 large brands in the fashion space counts Puma, Ed Hardy, Arrow, US Polo, Flying Machine, Fossil and Ray-Ban as its cleints.

Commenting on the growth and the current investment 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”.

Ace Turtle has recently closed its Series A funding of $5 Mn from Singapore based Vertex Ventures, the venture arm of Temasek, sovereign fund of Singapore Government and C31 Ventures, the venture capital arm of CapitaLand.

On another side, InnoVen Capital announced that it recently closed a cross-border funding deal of Rs.100 crores with Yatra.