Ace Turtle raises $5 million in round led by Vertex Holdings

Tech-led retailer Ace Turtle has raised $5 million in a bridge funding round led by its existing investor Vertex Holdings, along with its co-founders Berry Singh and Nitin Chhabra, according to media reports.

The new funds will support the company’s expansion plans, including the recent G-Star Raw license, and extend its cash runway ahead of a larger fundraising round planned next year.

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This new round comes two years after the Bengaluru-based company’s last funding. So far, it has raised $48 million, including a $34 million round led by Vertex Ventures in May 2023 and a $4 million pre-Series B round in July 2019.

Ace Turtle operates and distributes global apparel brands in India, including Lee, Wrangler, and G-Star Raw, through both online and offline channels. The company has been expanding its physical stores while managing costs amid slower demand in discretionary retail.

It aims to reach EBITDA breakeven by December 2025 and expects to become EBITDA positive in the coming years as it grows its omnichannel retail business.

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