Turno Bags USD 6 Mn in Series A Extension Round from BII and Others The Bengaluru-based EV segment focused Turno aims to deploy the raised capital for market expansion and build on its battery technology platform.
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EV distribution and financing startup Turno has raised USD 6 million in a Series A extension round of funding led by British International Investment (BII) and existing investor Quona Capital.
Stellaris Venture Partners and B Capital, two previous investors, also participated in this round. Turno had raised USD 16.9 million in total prior to this funding round.
As per the startup, Turno will primarily utilise this funding round to expand its network in the country, look at large form factor vehicles, and invest in battery technology.
Abhinav Sinha, Managing Director and Head of Technology and Telecoms at BII, said, "Backing local BIZ Experiencess 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."
Founded in 2022 by Hemanth Aluru and Sudhindra Reddy, Turno is a commercial vehicle marketplace that sells three-wheel EVs such as Mahindra & Mahindra, Piaggio, Euler Motors, and Etrio, among others.
Turno CEO Hemanth Aluru said the biggest challenge for the EV segment is increasing the awareness level of these vehicles and creating a framework for the resale of these units.
Today, the core focus of Turno is primarily on the financing and distribution of three-wheeler cargo EVs.
"We not just provide financing but also support them in the resale value of the vehicles," Aluru said.
The platform claims to have eight retail outlets in the country and sells these vehicles in a multi-brand format through partnerships with leading manufacturers like Bajaj, Mahindra Electric, Greaves, Piaggio, Euler Motors, etc.
According to Aluru, the penetration of three-wheeler cargo EVs has gone up from 7 percent to 30 percent in the last two years. Turno has a presence in about six states: Karnataka, Delhi, Telangana, Maharashtra, Tamil Nadu, and Gujarat. The plans are to expand to another 8–10 states in the next 12–15 months.
Aluru claims that Turno saw a four-fold increase in business in FY24 and anticipates continuing this trend in the current fiscal year.
In addition, Turno intends to launch a few experimental projects in the more recent EV categories, which would include huge form factors similar to commercial buses.
This startup will also be investing in building out its proprietary battery technology to create a grid-like setup that can become an energy source for other activities.
