Commercial EV Startup Turno Raises $3.1 Million Seed Funding
Turno, an electric vehicle startup helping operators of commercial vehicles to switch to EVs, has raised $3.1 million in a seed funding round led by Stellaris Venture Partners and Avaana Capital.
The funding round also saw participation from several angel investors, including BigBasket’s Vipul Parekh, Urban Ladder’s Ashish Goel, and the Goenka Family Office.
As per the startup, the raised capital will be used to ramp up its technology vertical and expand its footprint. The raised capital will also be used to shore up hiring, especially in tech and marketing verticals.
Turno | Replacing Gasoline Miles With EV Miles
Founded by Hemanth Aluru and Sudhindra Reddy, Turno is an electric vehicle startup helping operators of commercial vehicles to switch to EVs. It operates in the retail cargo three-wheeler (3W) segment and claims to have already captured 75% of the market share.
The EV startup has partnered with leading 3W electric original equipment manufacturers (OEMs) such as Mahindra, Piaggio, and Etrio, among others.
Speaking about the development, Hemanth Aluru, Co-founder and CEO of Turno, said,
“At Turno, we envision the future of transportation to be electric, with zero dependence on fossil fuels. Today, commercial vehicles constitute about 80-85% of the entire fuel consumption in the country, and we want to replace the diesel miles in them with electric miles.”
Operating in stealth mode since April 2022, Turno has finally come out of the stealth mode with this seed funding. The EV startup, which is currently operational only in Bengaluru, plans to expand across Maharashtra, Gujarat, Tamil Nadu, Telangana, Andhra Pradesh, and the National Capital Region (NCR) in the next couple of months.
Turno claims to have doubled its sales volumes every month since its launch and expects to become the country’s largest seller of electric vehicles by August 2022.
According to a report by Grand View Research, the Indian electric vehicle market size was valued at USD 220.1 million in 2020. The market is expected to expand at a compound annual growth rate (CAGR) of 94.4% from 2021 to 2030.