NEW DELHI: The venture capital arms of Singapore’s sovereign fund Temasek and Southeast Asia’s largest real estate developer CapitaLand have teamed up to invest more than $5 million (Rs 32.2 crore) in Bengaluru-based ecommerce consultancy Ace Turtle. Temasek’s Vertex Venture led the Series-A funding and CapitaLand’s C31Ventures is the co-investor in Ace Turtle, an omni-channel specialist.
“We looked at the market opportunity and we realised that in India, Southeast Asia, and Middle ..
The startup handles ecommerce operations of brands including Puma, Ray-Ban, Fossil, Max, Arrow, Flying Machine, Ed Hardy , and US Polo. It uses a proprietary platform that integrates online and offline retail channels. Ace Turtle said it will use the funding to enter overseas markets, starting with Southeast Asia. “We will use the money primarily to enhance our technology platform, build our leadership team and look at other markets in Southeast Asia,” said Nitin Chhabra, cofounder of the firm.
“We will definitely expand into other Asian markets starting with Singapore and Malaysia.It will be sufficient for us for the next two years.” ET reported in March that Vertex is set to close fundraising for its next fund focused on Southeast Asia, including India, with a target size of $150-180 million. “This is the new fund. Vertex Southeast Asia Fund-3 and we have not yet closed the fund, so we don’t know where we will end up,” Mathias said.
Mathias said Vertex is bullish on India’s ecommerce and omni-channel prospects and the Singapore fund would like to be part of any future fundraising Ace Turtle plans to do.