Turno, a Bengaluru-based startup focusing on EV distribution and financing, has successfully concluded its extended Series A funding round, raising $6 Mn (INR 49.97 Cr). The funding round was co-led by British International Investment (BII) and existing investor Quona Capital. Additionally, participation came from Stellaris Venture Partners and B Capital.
Expansion Plans and Utilization of Funds
In a recent statement, Turno revealed its strategic intent to utilize the raised capital to expand its presence across India and further develop its battery technology platform. A significant portion of the funds will be allocated to venture into new categories of EVs, particularly targeting large form factor vehicles such as commercial buses. Turno also intends to initiate pilot projects within this segment.
Previous Funding Round and Continual Growth
This recent funding round follows Turno’s previous successful Series A raise of $13.8 Mn last year, led by B Capital and Quona Capital. The infusion of capital underscores the startup’s commitment to expanding its operations and funding its capital expenditure budget.
About Turno and Its Operations
Founded in 2022 by former executives of Zoomcar, Hemanth Aluru, and Sudhindra Reddy, Turno operates as a commercial EV marketplace. Specializing in the sale of used three-wheeler EVs from renowned brands like Mahindra & Mahindra, Piaggio, and Euler Motors, Turno also facilitates customer access to loans for three-wheeler electric autos, requiring a minimal downpayment of INR 49,999 and charging a fixed interest rate of 10.5%.
With both online and physical stores spanning across multiple states including Karnataka, Delhi, Telangana, Maharashtra, Tamil Nadu, and Gujarat, Turno caters to the growing demand for EVs in India’s commercial sector.
Competitive Landscape and Market Outlook
In the burgeoning EV financing sector, Turno competes against notable players such as Finayo and Revfin. The Indian EV market, currently valued at $34.8 Bn, is poised for significant growth, projected to reach $120 Bn by 2030 according to a report by Mordor Intelligence. This funding round positions Turno strategically to capitalize on the burgeoning opportunities within this rapidly expanding market.
