Hemanth AluruTurno CEO and co-founder
Turno, an Indian EV distribution and financing company, has received US$6 million in extended Series A funding.
British International Investment (BII), Quona Capital, Stellaris Venture Partners, and B Capital co-led the round.
This brings its total funding to US$22.9 million.
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This funding will be used to grow the startup’s existing business and launch new business lines to improve commercial EVs’ access and infrastructure.
“We are committed to democratising EV technology through innovative business models that drive down ownership costs. With this funding, we aim to accelerate the adoption of EVs for a wider audience”. said Hemanth Aluru, co-founder and CEO of Turno.
Set up in April 2022 by former Zoomcar’s C-level executives Hemanth Aluru and Sudhindra Reddy, Bengaluru-based Turno offers financing solutions to SMEs, distributors, logistics firms, and e-commerce operators that plan to buy commercial three-wheeler electric vehicles (EVs).
Buyers can access an array of top original equipment manufacturer (OEM) brands, EV models, and financing solutions on its EV sales platform, which features both online and physical stores.
Turno also provides customers with guaranteed buyback value on used EV batteries. The startup claims it offers the lowest total cost of ownership and a guaranteed buyback within three years.
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Abhinav Sinha, Managing Director and Head of Technology and Telecoms at BII, said: “Backing local entrepreneurs to solve development challenges, including the impact of climate change is a key priority for BII in India. Turno’s innovative business model, lower cost offering and novel efforts at repurposing EV batteries will help attract more people and businesses to adopt commercial EVs.”
The Indian EV market is projected to grow from US$3.21 billion in 2022 to US$113.99 billion in 2029, growing at a compound annual growth rate of 66.52 per cent.
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