Turno raises $3.1 million in the seed funding round led by Stellaris Venture Partners and Avaana Capital
- ByStartupStory | June 29, 2022
After months of being bootstrapped, Turno has emerged from the shadows and raised $3.1 million in a seed funding round led by Stellaris Venture Partners and Avaana Capital. Angel investors included Bigbasket’s Vipul Parekh, Darwinbox’s Jayant Paleti, Zestmoney’s Lizzie Chapman and Priyamvada Sharma, Dhyanesh Shah of Mosaic Wellness, and Matilde Giglio of Even, among others.
Hemanth Aluru, the company’s then-chief business officer (CBO), and Sudhindra Reddy, the company’s then-chief operating officer (COO), were both scoured the market and met with key stakeholders in the industry. After working closely with the auto industry, the ex-colleagues sat down to work on a project that would eventually become Turno. Turno, founded in April 2022, is a fintech player primarily focused on the country’s burgeoning EV segment.
Turno intends to use the funds to expand its technology vertical and expand its footprint and will also use the funds to increase hiring, particularly in the technology and marketing sectors. The Bengaluru-based startup has collaborated with leading OEMs including Mahindra, Piaggio, Omega Seiki Mobility, Etrio, and others.
The startup assists small and medium-sized enterprises (SMEs) and individuals in selecting the best electric vehicles (EVs) for their needs and then provides financing through its Turno credit app to allow users to purchase them. The startup, which is currently only operating in Bengaluru, intends to expand to 5-6 other cities within the next month.
Turno also intends to expand into other related fields, such as insurtech, in the near future. Aluru stated that the company intends to be the “orchestrator” of the commercial EV market. He also said, “We are developing technology, partnering with NBFCs to raise capital, and adding value to the market”
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