Omnichannel platform provider Ace Turtle raises venture debt from InnoVen

Funds raised would be used for expanding operations outside India into Southeast Asia

Ace Turtle, an omnichannel platform provider to offline retailers, has raised a round of venture debt from InnoVen Capital as it looks to expand its services outside India, starting with Southeast Asia.

"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 omnichannel enterprise solution space in Asia in the next few years," said Ace Turtle CEO Nitin Chhabra.

The firm did not disclose the amount of money raised through the debt route but, going by InnoVen’s typical deal sizes, the size of the round should be around $4-5 million.

Ace Turtle claims that its commerce platform sees transactions in excess of $2 million every month and is looking at closing the financial year with $3 million in monthly transactions. The company has scored customers such as Ray Ban and Arvind Fashions to help drive their omnichannel strategy.

"Within few years of operation, Ace Turtle has scaled up rapidly and has developed a go-to platform for several high-profile retail brands," said Chin Chao, interim CEO at InnoVen India, adding that the company adds value and has the potential to help large enterprise customers scale online.

Ace Turtle had raised an undisclosed amount of equity funding as part of its Series A round from Singapore-based Vertex Ventures and C31 recently. The debt funding from InnoVen will be an extension of the Series A round.