Ace Turtle, the leading omni-channel platform company in India has raised venture debt from InnoVen Capital, Asia’s leading venture debt firm. The funds will be used to further consolidate Ace Turtle’s expansion in South East Asia as it aims to enable omni-channel solutions to several brands across the globe.
Venture debt, is a smart source of debt financing for venture capital backed companies experiencing rapid growth.
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 South East Asia. We aim to gain leadership position in the omni-channel enterprise solution space in Asia in the next few years”.
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’s proprietary platform, Rubicon, integrates online and offline retail channels and enables e-commerce. Its omni-channel platform comprises technology, logistics and customer support, which enables brands and retailers to improve the experience of customers.
Ace Turtle has recently closed its Series A funding from Singapore based Vertex Ventures, the venture arm of Temasek, sovereign fund of Singapore Government and C31 Ventures, the venture capital arm of CapitaLand.
Just yesterday, InnoVen Capital announced that it recently closed a cross-border funding deal of Rs.100 crores ($15.4 million) with Yatra.
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