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Temasek Holdings and CapitaLand-backed start-up, Ace Turtle, will close its Series B fund raise of ₹100 crore ($15 million) by the month end.
The start-up, which has raised $5 million in funding since it went live in January 2015, enables retail omni-channel solutions for over 30 global brands such as Fossil, Puma, Skagen Nine West, New Balance, Michael Kors, Ed Hardy and DKNY.
The start-up raked in ₹260 crore in online and offline sales in India for the 30-plus brands that are live on its Rubicon platform in FY2018, up from ₹30 crore in the previous fiscal.
Nitin Chhabra, founder CEO, Ace Turtle, told BusinessLine that he is looking to close this fiscal with over ₹1,000 crore in sales. The start-up receives a percentage of the total sales that it enables for the brands on its platform.
Stating that Ace Turtle is in the business of connecting brands to their customers, focussed purely on the commerce side of their engagement with customers, Chhabra said global brands face a problem of distributed inventory across all channels including in their own mono-brand stores and warehouses, multi-brand departmental stores, e-commerce marketplaces such as Flipkart, Amazon and Myntra, which they find very difficult to move around to fulfil customer needs.
“We integrate all of their distributed inventory onto our platform and provide the brands with a single view of their entire inventory where they can see what stock is lying in which location and in what pincode, in real time.
“At the front end, we push this entire virtual inventory to all the marketplaces, the brand’s own website and also to the endless aisle application, wherein, if you don’t find the colour, size or style of your choice in a brand store, the sales person can place an order and get it delivered to you free, as the sales person can now see what inventory is available anywhere else in the country with our app.
“This addresses the low footfalls to sales conversion, where on average fashion brands see just 18-25 per cent conversion due to stock out, non availability of colour, size, style, etc,” he said.
Ace Turtle is among the 14 start-ups picked up by Microsoft from its Accelerator programme to connect with its global clients.
Ace Turtle’s Rubicon platform runs on Microsoft Azure. The start-up has a team size of 200, and has offices in India and Singapore.
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