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  • Funds will be utilised to acquire long-term licenses of international fashion and lifestyle brands and expand company’s proprietary technology stack

Bengaluru, May 02, 2023: ace turtle, new India’s leading technology-native retail company spearheading the retail industry’s next phase of transformation, today announced that it has raised USD 34 million (INR 293 Crore) as part of its Series B funding. The fundraise demonstrated significant interest from existing and new investors. The Series B round was led by new investors Vertex Growth, SBI Investment Co. Ltd.,

Farglory, Lesing Nine, Stride Ventures, Tuscan Ventures and Trifecta Capital. The existing investors
Vertex Southeast Asia & India and InnoVen Capital also participated in this round.

Commenting on the funding, Nitin Chhabra, CEO, ace turtle said, “Our aim is to lead the next phase of
retail in India and scale it to new heights through vertical commerce. The funds will be utilised to develop cutting-edge technological tools that ensure seamless omnichannel operations, acquire licenses for new fashion and lifestyle brands, and recruit skilled talent across all levels to support the aggressive growth plans. This will help us to expand our brand portfolio and solidify our competitive edge in the market.”

ace turtle grew significantly in the financial year 2022-23 by doubling its revenue and becoming EBITDA-positive. ace turtle aims to sustain this impressive growth trajectory in the coming years. Its portfolio of licensed brands currently comprises Lee®, Wrangler®, Toys”R”Us® and Babies”R”Us®.

James Lee, General Partner of Vertex Growth said, “We are delighted to be a part of India’s massive
consumer upgrade story. We are fully committed to partnering with exceptional and promising
organisations that are on the brink of growth. The asset-light approach of Ace Turtle, their deep domain expertise in product supply chain and utilisation 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, thereby facilitating substantial growth in the foreseeable future.”

Yoshitaka Kitao, Chairman and President of SBI Investment said, “One of the key investment themes
for us has been Asia’s domestic consumption. We believe India will be a leading source of global growth
in the decades ahead, supported by positive demographics, a growing middle class and deepening
internet penetration. This investment in ace turtle builds on our program to provide long-term capital to innovative companies transforming industries at scale. We look forward to supporting ace turtle’s efforts in enabling the growth of India’s retail market through technology.”

ace turtle is vertically integrated from design, local manufacturing and marketing to reach consumers
directly. ace turtle is powered by its proprietary technology which uses data science from design to
fulfilment to meet ever-evolving consumer expectations. Bengaluru and Singapore-based ace turtle is the exclusive licensee of iconic global brands Lee, Wrangler, Toys“R”Us and Babies“R”Us for India and other South Asian markets.

About Vertex Growth:
Vertex Growth is dedicated to partnering with exceptional entrepreneurs and promising companies on the cusp of growth. The firm provides the expansion capital to realise the companies’ vision of creating a category champion that is enduring and transformational. Vertex Growth is part of Vertex’s global network of venture capital funds comprised of affiliates in China, Israel, Southeast Asia and India, and the US.

Through the Vertex network, Vertex Growth accesses opportunities emerging from the leading innovation hubs across the world and drive significant value by working closely with the Vertex ecosystem of portfolio companies and partners.

About SBI Investment Co., Ltd.
SBI Investment Co., Ltd. is the major VC arm of SBI Holdings. Over the last 20 years, it has invested in
over 1000 companies and has 190+ exits. SBI Investment invests from USD1-20m in various sectors
including Fintech, AI, Consumer tech, SaaS, B2B commerce and supply chain, deep tech, etc. SBI
Holdings is a financial services company group based in Tokyo, Japan. The group’s businesses and
companies are held primarily at SBI Holdings. The company provides financial services in various
categories, including securities, asset management, banking and insurance and has formed an Internet-based financial conglomerate. The group also has a biotechnology-related business line which develops cosmetics, health foods and drug discovery. Furthermore, the group operates the business school SBI Graduate School. SBI is listed on the first section of the Tokyo Stock Exchange and Osaka Securities Exchange.

About Farglory:
Founded in 1969 by Chairman Teng-Hsiung Chao, Farglory has earned a reputation of excellence for its
dedication to ambitious international projects distinguished by quality craftsmanship and modern,
sustainability-minded design. The Taiwan-based company operates across diversified industries that
spread to construction, insurance, finance, hospitality, entertainment and medical care. A trusted
developer with over 600 completed projects comprising over 200 million square feet, Farglory is
transforming landscapes and shaping lives, one landmark at a time.