Ace Turtle, a locally based retail company with a digital foundation, said that it has secured $34 million (about Rs 293 crore) as part of its Series B funding. The company stated that the cash will be used to grow the company's proprietary technological stack and purchase long-term licences from international fashion and lifestyle brands.

New investors Vertex Growth, SBI Investment Co Ltd, Farglory, Lesing Nine, Stride Ventures, Tuscan Ventures, and Trifecta Capital took the lead in the investment round. Vertex Southeast Asia & India and InnoVen Capital, two previous investors, also took part in this round.

Nitin Chhabra, CEO of Ace Turtle, "the funds will be used to develop state-of-the-art technological tools that ensure seamless omni-channel operations, buy licences for new fashion and lifestyle brands, and recruit skilled talent across all levels to support the aggressive growth plans." By doubling its revenue and turning positive on the EBITDA scale in the fiscal year 2022–2023, Ace Turtle saw considerable growth.

James Lee, General Partner of Vertex Growth, "ace Turtle's asset-light strategy and their deep domain expertise in product supply chain present significant opportunities for the integration of cutting-edge omnichannel tech solutions into brand operations, thereby facilitating substantial growth in the foreseeable future."

The investment in Ace Turtle "builds on our programme to provide long-term capital to innovative companies transforming industries at scale," said Yoshitaka Kitao, Chairman and President of SBI Investment.