Commercial EV-focused fintech startup Turno has secured a fresh funding of INR 46.06 Cr ($5.5 Mn), led by British International Investment, the UK government’s development finance institution. Other notable participants in this funding round include Stellaris Venture Partners, B Capital, Quona Capital, and Accion Venture Lab.
Funding Details
According to the company’s filing, British International Investment injected INR 24.94 Cr, Stellaris Venture Partners contributed INR 9.26 Cr, while B Capital, Quona Capital, and Accion Venture Lab collectively invested INR 11.23 Cr. This funding round appears to be an extension of Turno’s Series A round, which saw an infusion of $13.8 Mn from B Capital and Quona Capital last year.
Utilization of Funds
Turno plans to utilize the freshly raised capital to scale up its operations and support its capital expenditure budget.
Company Background
Founded in 2022 by former Zoomcar C-suite executives Hemanth Aluru and Sudhindra Reddy, Turno operates as a commercial EV marketplace specializing in used three-wheeler EVs. The platform offers vehicles from renowned brands like Mahindra & Mahindra, Piaggio, Euler Motors, Etrio, Omega Seiki Mobility, and Altigreen, among others. Additionally, Turno assists customers in obtaining loans for three-wheeler electric autos, requiring a minimal downpayment of INR 49,999 and charging a fixed interest rate of 10.5%.
Expansion Plans
The Bengaluru-based startup operates both online and physical stores across Karnataka, Delhi, Telangana, Maharashtra, Tamil Nadu, and Gujarat.
Competitive Landscape
In the EV financing sector, Turno faces competition from players such as Finayo, Revfin, and Vidyut, among others.
Market Outlook
With the Indian EV market currently valued at $34.8 Bn, it is projected to grow at a CAGR of 22.92% to reach $120 Bn by 2030, according to a report by Mordor Intelligence.
