Commercial Electric Vehicles Platform Turno Raises $13.8 Million In Series A Funding The fund raised will be used to build a proprietary battery tech platform to address issues around end-of-life battery value, amid global concerns around EV batteries and e-waste
By Teena Jose
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Turno, India's leading platform for commercial electric vehicle (EV) distribution and financing, services, has raised $13.8 million in Series A funding as it scales across the country and plans to build proprietary battery technology. The funding round was co-led by global venture capital firms B Capital and Quona Capital along with participation from existing investors Stellaris Venture Partners and Avaana Capital and new investors Alteria Capital and InnoVen Capital. The fund raised will be used to build a proprietary battery tech platform to address issues around end-of-life battery value, amid global concerns around EV batteries and e-waste.
"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 Aluru, co-founder and CEO of Turno.
Customers who purchase EVs through Turno receive a Vehicle Lifecycle Management app, which gamifies and incentivizes users' driving behavior to prolong battery life. The app offers a real-time dashboard for consumers to know their guaranteed buyback price for their vehicle's end-of-life. The company promises an average 25-30% higher buyback than the market, ensuring a complete end-to-end sustainable solution to the core concerns of battery and vehicle lifecycle value in the EV industry, claimed by the company in a statement.
"Turno has identified a key missing element in the ecosystem that solves the problem of financing as well as distribution and servicing. As a technology enabled omni-channel platform, especially at a time while EV sales are inflecting and climate-tech enabling solutions are fast evolving, we are excited to partner with Hemanth and Sudhindra in their vision to build Turno and transform the landscape of India's EV market," said Karan Mohla, general partner, B Capital and head of early stage investments in India and SEA.
Founded by Hemanth Aluru and Sudhindra Reddy in January 2022, Turno claims to be a one-stop solution improving the accessibility and affordability of commercial electric vehicles in India, the company has captured approximately 20% market share.
