INDIA – Turno, an Indian provider of a platform for commercial electric vehicle (EV) distribution and financing, raised $13.8M in Series A funding.
The round was led by B Capital and Quona Capital with participation from existing investors Stellaris Venture Partners and Avaana Capital and new investors Alteria Capital and InnoVen Capital. The company intends to use the funds to expand its Electric Vehicle distribution platform across India.Founded by Hemanth Aluru and Sudhindra Reddy (ex-Zoomcar CXOs) in January 2022, Turno delivers a complete total cost of ownership solution to commercial EV buyers. It offers a multi-brand selection of vehicles through its EV sales platform (with both online and physical stores), financing, and a guaranteed buy-back value on used batteries backed by its proprietary battery technology. The company has signed multiple national level partnerships with leading 3W electric vehicle manufacturers, including Mahindra & Mahindra, Piaggio, Omega Seiki Mobility and Etrio, to sell their vehicles countrywide. Turno is currently operational in five states— i.e. Karnataka, Telangana, Tamil Nadu, Delhi NCR, and Maharashtra— covering major markets in the South, West, and North of India. 09/02/2023
