Asia’s Leading Venture Debt Firm InnoVen Capital Invests in Ace Turtle
The Indian ecommerce player is using venture debt for aggressive expansion starting with Singapore and Malaysia.
Ace Turtle, an omnichannel platform company in India has raised venture debt from InnoVen Capital. The funds will be used to further consolidate Ace Turtle’s expansion in South East Asia as it aims to enable omnichannel solutions to several brands across the globe.
InnoVen Capital is a venture lending firm providing debt capital to high growth ventures. Started in 2008 as the first dedicated venture debt provider in India, the platform offers multiple debt capital solutions, including venture debt, acquisition finance, growth loans, and syndication. The firm has since then expanded to Southeast Asia and China. Till date, InnoVen Capital has provided over 165 loans to more than 120 startups across various stages and geographies, including Oyo Rooms, Swiggy, Pepperfry, Shopclues, Byju’s, Freecharge, Myntra, Firstcry, Capillary and Practo in India and 123RF, RedDoorz, M17 Entertainment and Oway in Southeast Asia.
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 Southeast Asia. We aim to gain leadership position in the omnichannel enterprise solution space in Asia in the next few years”.
Ace Turtle, with its web proprietary platform, integrates online and offline retail channels automating and optimising omnichannel fulfilment. The platform provides brands with a single view of inventory and a single view of customer. It helps reduce the costs and complexity of omnichannel transformation for brands by using their existing framework and systems. Ace Turtle’s solutions are currently used by brands such as Ray-Ban, Puma, Max, Arrow, Flying Machine, Ed Hardy, US Polo, Fossil and more. Ace Turtle’s omnichannel platform comprising of technology, logistics and customer support enabled brands and retailers to improve the post-click commerce experience of their customers.
Chin Chao, CEO for Southeast Asia and India at 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 ecommerce. Its omnichannel platform comprises technology, logistics and customer support, which enables brands and retailers to improve the experience of customers.
Ace Turtle recently closed its series A funding from Singapore based Vertex Ventures, the venture arm of Temasek, the sovereign fund of Singapore Government and C31 Ventures, the venture capital arm of CapitaLand.
Ace Turtle is expanding its footprint to overseas markets starting with Singapore and Malaysia.
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