Commercial EV startup Turno raises $13.8 million in funding led by B Capital, Quona Capital
Turno, a platform for electric vehicle (EV) distribution and financing, has raised $13.8 million in Series A funding. The funding was co-led by global venture capital firms B Capital and Quona Capital and also included participation from existing investors Stellaris Venture Partners and Avaana Capital, as well as new investors Alteria Capital and InnoVen Capital.
The Bengaluru-based startup plans to use the funds to develop a proprietary battery technology platform to repurpose EV batteries for large-scale energy storage systems, with the goal of reducing the cost of EV ownership.
This latest funding round comes seven months after the company raised $3.1 million in seed funding. Turno sells EVs online and through physical stores and offers financing options and buy-back of used batteries.
“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,” said Hemanth, Co-Founder and CEO of Turno.
Turno was established by Hemanth Aluru and Sudhindra Reddy, who both previously worked at Zoomcar, in January 2022. It currently serves the commercial EV market in several states, including Karnataka, Telangana, Delhi-NCR, Tamil Nadu, and Maharashtra, and claims to hold a 20% market share.
To further expand its reach, Turno has formed partnerships with leading three-wheeler EV manufacturers such as Piaggio, Mahindra & Mahindra, and Etrio as distribution partners across India.
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