The start-up is helping brick-and-mortar retailers build their presence in the online market
Brick-and-mortar retailers such as Puma, Ray-Ban, Max, Fossil, Arrow and Flying Machine are expanding into the $20 billion Indian e-commerce industry to build their presence in the online market. This calls for specialisation in integration of online and offline commerce and a seamless supply chain. Ace Turtle, an omni-channel commerce enabler for such businesses, launched its operations in 2013 to help these brands with online-offline solutions.
Ace Turtle ensures consistent supply across online and offline retail channels for its clients. With optimised omni-channel fulfilment, retailers have the liberty to choose if an order should be picked up from the retailer’s offline store or its warehouse, Nitin Chhabra, co-founder and CEO, Ace Turtle said. It allows optimisation that reduces complexities and logistics costs for omni-channel distribution. Rubicon, Ace Turtle’s proprietary platform, gives clients an overall view of the their inventory at different places. “It is a completely automated system for a seamless commerce experience,” Chhabra said.
The start-up is serving categories across the board that includes electronics, home decor, fashion accessories, and smartphones, among others. “We will be looking at all categories other than food and grocery,” Chhabra said. There is another caveat as Ace Turtle works only with companies that
have a minimum turnover of `300 crore per annum. Ace Turtle raised $300,000 in seed funding and $5 million in Series A funding in May from Singapore based Vertex Ventures and C31 Venture. Chhabra shared that the company is planning to increase the size of Series A funding to $6.5 million from $ 5 million. The new fund will be deployed towards further technological advancements, hiring at the top level management,
and overseas expansion. The company plans to open its Singapore office in November and Malaysia office in February, next year.
Currently, with more than 100 people on its rolls, the start-up will be looking at more mid-high level appointments as it prepares for international expansion. “We will increase the workforce to 160 people by March 2018,” Chhabra added. It will explore business opportunities with international clients once it begins its rolls out its overseas expansion plans by the end of the current financial year. Ace Turtle also will be working on an app to provide better consumer insights in terms of personalisation and customisation, to its clients.
Revenue generation at Ace Turtle is dependent largely on revenue share with clients. Chhabra declined to share further information on revenue share but said that it is a mid-range single digit number. Ace Turtle also offers its services on subscription but as the company’s operations grow, Ace Turtle’s clients are shifting from the subscription model to the revenue sharing model. “For FY18, we are targeting GMV (gross merchandise value) of $30 million and expect to be profitable by FY20. Profitability was pushed to the backburner in favour of international expansion as a lot of investments were deployed in that area,” Chhabra said.