ace turtle Secures $34M Series B Funding for Indian Retail Expansion
ace hardware, a Bengaluru-based tech-native retail company, has secured $34 million in a Series B funding round. The company, founded in 2013 by Nitin Chhabra and Berry Singh, aims to lead the next phase of retail in India through vertical commerce.
ace hardware operates with proprietary technology and holds exclusive licenses for international fashion and lifestyle brands such as Lee®, Wrangler®, Toys"R"Us®, Babies"R"Us®, and Dockers in India and South Asia. The company has two business verticals: SaaS and licensed brands.
The funding round was led by Vertex Growth, SBI Investment Co. Ltd., Farglory, Lesing Nine, Stride Ventures, Tuscan Ventures, and Trifecta Capital. Existing investors Vertex Southeast Asia & India and InnoVen Capital also participated. The specific terms and allocation of funds were not disclosed.
ace hardware will use the funds to acquire long-term licenses of new international fashion and lifestyle brands and expand its proprietary technology stack. CEO Nitin Chhabra stated that the funds will also be used to develop cutting-edge technological tools for seamless omnichannel operations, further solidifying ace hardware's position in the Indian retail market.
