Turno, an electric vehicle distribution and financing startup, has raised USD 6 million from impact investor British International Investment (BII) and venture capital firms Quona Capital, Stellaris Venture Partners and B Capital.
Founded in April 2022 by former Zoomcar C-suite executives Hemanth Aluru and Sudhindra Reddy, the Bengaluru-based startup offers financing solutions to small and mid-size enterprises as well as individuals who plan to buy commercial three-wheeler (3W) electric vehicles.
The funding will help the company expand its offerings to more cities and also enter a newer and larger form factor category, Aluru, who is also the firm’s CEO, told ET.
Turno is looking to work with energy storage companies to repurpose batteries of 3W vehicles sold from its platform after certain years of usage. To enable this side of its business, its proprietary battery technology platform provides customers with guaranteed buyback value on used EV batteries.
The company entered the 3W cargo category in 2022 and the 3W passenger category in 2023. It works with seven brands on the manufacturers’ side such as Euler Motors, Montra Electric, Mahindra Electric, Piaggio, Greaves, Altigreen and Bajaj.
“We are committed to democratising EV technology through innovative business models that drive down ownership costs. This approach is critical for the success of India’s EV mission. With this funding, we aim to accelerate the adoption of EVs for a wider audience,” Aluru said.
“Turno’s innovative business model, lower cost offering and novel efforts at repurposing EV batteries will help attract more people and businesses to adopt commercial EVs. This aligns with our approach to invest in climate-related innovations that tackle bottlenecks for EV adoption and achieve the de-carbonisation goals of India,” Abhinav Sinha, managing director and head of technology and telecoms at BII, said.
With the latest round, Turno has pulled a total of USD 22.9 million in funding.
