Bengaluru-based retail technology company Ace Turtle plans to introduce a new brand annually for the next three years, according to CEO Nitin Chhabra.

The current emphasis of their portfolio, which includes globally licensed brands such as Lee, Wrangler, Toys”R”Us, Babies”R”Us, and Dockers, is on serving India’s rapidly expanding middle class of 400 million. 

In terms of the key segments of interest in launching the new brands – he said categories such as fashion and kidswear are interesting markets. “In addition, medical equipment and beauty are very interesting, but we are not going to get into beauty, because we think it is very competitive right now.” 

The retail tech player which originally started as a retail SaaS firm founded in 2014, is strategically exiting the SaaS business, excluding Landmark, which will stay until March 2024. Further, with a turnover target of Rs 400 crore in FY24, it recorded Rs 280 crore in revenue from Lee and Wrangler in FY2023, excluding SaaS business revenue, as they transition out of it.

Moreover, despite anticipating an EBITDA loss this year due to Toy “R” Us and Dockers expenses, Chhabra said the Lee and Wrangler brands were profitable. “The average selling price (ASP) of Lee and Wrangler in Europe and the US is approximately $100, while in India, it ranges from $40 to $50,” he added.

Currently managing 103 franchise-owned retail stores across brands in metros and cities, the company aims to double this count to over 200 stores in 2024. To date it has raised $51 million in funding through Series A ($10 million), Series B ($34 million), and debt financing, marking a robust trajectory in the retail technology landscape. It boasts a workforce of over 300 full-time employees and 700 personnel on franchisee payroll.