Turno raises $6M in Series A extension round co-led by BII and Quona Capital
EV segment focused Turno will use the capital for market expansion and build on its battery technology platform.
Turno, the Bengaluru-headquartered startup focused on electric vehicle distribution and financing, has raised $6 million in a Series A extension round led by British International Investment (BII) and existing investor Quona Capital.
The round also saw participation of existing investors Stellaris Venture Partners and B Capital. Prior to this funding round, Turno had cumulatively raised $16.9 million and last round was in February, 2023
Founded in 2022 by Hemanth Aluru and Sudhindra Reddy, who were formerly with Zoomcar, Turno will primarily utilise this funding to expand its network in the country, look at large form factor vehicles and investing into battery technology.
Today, the core focus of Turno is primarily into financing and distribution of three-wheeler cargo EVs. It has eight retail outlets in the country and sells these vehicles under a multi brand format through partnerships with leading manufacturers like Bajaj, Mahindra Electric, Greaves, Piaggio Euler Motors, etc.
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.
According to Aluru, the penetration of three-wheeler cargo EVs has gone up from 7% to 30% in the last two years. Turno has presence in about six states--Karnataka, Delhi, Telangana, Maharashtra, Tamil Nadu, and Gujarat. The plans are to expand in another 8-10 states in the next 12-15 months.
“We not just provide financing but also support them in the resale value of the vehicles,” Aluru said.
Turno is also looking at entering into newer categories of EVs which would be large form factors like commercial buses and plans to start a few pilot projects in this segment.
The startup will also be investing into building out its proprietary battery technology to create a grid kind of setup which can become an energy source for other activities.
“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," said Abhinav Sinha, Managing Director and Head of Technology and Telecoms at BII.
According to Aluru, Turno recorded a 4x growth in business in FY24 and expects to maintain this momentum in the current fiscal also.
Edited by Megha Reddy
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