Indian electric vehicle (EV) distribution and financing platform Turno has raised $13.8 million in its Series A funding round led by US-based venture capital firms B Capital and Quona Capital, according to a company release.
Alteria Capital and InnoVen Capital also participated in the round, while existing investors Stellaris Venture Partners and Avaana Capital reupped.
The company plans to use the funding to expand across India and build proprietary battery technology which can repurpose EV batteries into large-scale second-life energy storage systems. The new technology enhances the life-cycle of batteries and prolongs their usable life preventing toxic e-waste.
The company has partnered with 3W electric vehicle manufacturers, such as Mahindra & Mahindra, Piaggio, Omega Seiki Mobility, and Etrio, to expand in the Indian market.
“Commercial EV sales are heavily dependent on the availability of attractive financing options, and today the Indian market is plagued by lack of truly customer-centric options. Turno has identified a key missing element in the ecosystem that solves the problem of financing as well as distribution and servicing,” said Karan Mohla, general partner and head of
early-stage investments in India and Southeast Asia at B Capital.
Turno had secured $3.1 million in funding in its seed round from Stellaris Venture Partners and Avaana Capital, as well as angel investors including BigBasket’s Vipul Parekh, Urban Ladder’s Ashish Goel, and the Goenka Family Office.
Founded in 2022, by ex- Zoomcar CXOs, Hemanth Aluru and Sudhindra Reddy, Turno offers end-to-end solutions for EV adoption for individuals, SMEs, and businesses including buying, financing solutions, buyback, and battery repurposing.
India targets to electrify 30% of private cars, 70% of commercial vehicles, and 80% of two- and three-wheelers by 2030. In absolute numbers, this translates to 80 million EVs on Indian roads. EV startups raised at least $440 million in 2021, according to India’s Commerce and Industry Ministry data.