EV Startup Turno Raises $13.8 Mn From B Capital, Quona, Others
Turno, a commercial electric vehicle startup, has raised Series A funding of $13.8 million (around Rs 112 crore), co-led by global venture capital firms B Capital and Quona Capital.
Existing investors Stellaris Venture Partners and Avaana Capital, with new investors Alteria Capital and InnoVen Capital., also participated in the funding round.
As per the startup, the raised funds will be used for building proprietary battery tech technology and scaling up its operations.
Turno | Cargo EVs In India
Founded by former Zoomcar executives Hemanth Aluru and Sudhindra Reddy in 2022, Turno helps operators of commercial vehicles to switch to EVs. The startup does this by providing a wide selection of vehicles from partner OEMs, affordable financing, and battery value guarantees to ensure the highest return on value for EV owners.
Speaking about the development, Hemanth Aluru, Co-founder of Turno, said,
“Today, 80-85% of India’s automotive fuel consumption is driven by commercial vehicles with internal combustion engines. Yet, there is a strong desire to transition to a green economy, and so commercial EV adoption holds significant promise. Turno was founded with the mission to convert these ‘gasoline miles’ into ‘electric miles’, having a significant positive impact on the environment.”
Turno provides a multi-brand selection of vehicles via its EV sales platform, which is available both online and at physical stores. As per the startup, customers who purchase EVs through it receive a ‘Vehicle Lifecycle Management’ app, which gamifies and incentivizes users’ driving behaviour to prolong battery life, the company said in a release.
Currently, Turno is operational across Karnataka, Telangana, Tamil Nadu, Delhi-NCR and Maharashtra.
Commenting on the development, Karan Mohla, General Partner, B Capital and head of early-stage investments in India and SEA, said,
“Commercial EV sales are heavily dependent on the availability of attractive financing options, and today the Indian market is plagued by lack of truly customer centric options. Turno has identified a key missing element in the ecosystem that solves the problem of financing as well as distribution and servicing.”
In June 2022, Turno raised $3.1 million in a seed funding round led by Stellaris Venture Partners and Avaana Capital.
Several startups in the electric mobility segment raised funding in January. Last month, Entuple E-Mobility, an electric powertrain and turbocharger product startup, raised $3 million in a pre-series A round, Bengaluru-based EV charging aggregation platform ElectricPe closed a pre-Series A funding round of $5 million, and Swytchd, an electric vehicle services subscription platform, has raised $553,000 in a seed funding round led by Keiretsu Forum, a network of angel investors.
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