Friday, March 31, 2023

Turno, a platform for commercial EVs, raises $13.8M in a Series A round

Bengaluru-based Turno, a platform for commercial electric vehicles in the country, has raised $13.8 million in a Series A funding round led by B Capital and Quona Capital.

The round also saw participation from existing investors Stellaris Venture Partners and Avaana Capital and new investors Alteria Capital and InnoVen Capital.

Prior to the current round, Turno had raised $3.1 million as part of its Seed funding round from Avaana Capital and angel investors such as Jayant Paleti of Darwinbox, Ashish Goel of Urban Ladder, Vipul Parekh of Bigbasket and Speciale Invest’s Arjun Rao.

Founded by Hemanth Aluru and Sudhindra Reddy, The startup sells EVs manufactured by different brands online through its platform as well as in the form of physical stores. It also provides financing options and buy-back of used batteries.

“Today 80-85% of India’s automotive fuel consumption is driven by commercial vehicles with internal combustion engines. Yet, there is a strong desire to transition to a green economy and so, commercial EV adoption holds significant promise. Turno was founded with the mission to convert these “gasoline miles” into “electric miles” having a significant positive impact on the environment,” said Hemanth, Co-Founder & CEO of Turno, in a statement.


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