Turno, an India-based commercial electric vehicle (EV) distributor, and financier have announced the funding of $13.8 Million in series A round funding to scale its service across the country and to build proprietary battery technology.
With participation from existing investors Stellaris Venture Partners and Avaana Capital, as well as new investors Alteria Capital and InnoVen Capital, the round was co-led by B Capital and Quona Capital.
Turno plans to use the funding 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.
Founded by Hemanth Aluru and Sudhindra Reddy (ex-Zoomcar CXOs) in January 2022, 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. Since its inception as a one-stop solution to improve the accessibility and affordability of commercial electric vehicles in India, the company has captured approximately 20% market share.
Speaking about the funding round, Hemanth Aluru, Co-Founder & CEO of Turno said, “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 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.”
“We endeavor to make EV technology equitably available to everyone through business model innovations that can continually bring down the costs of ownership. We believe this is the only way to make India’s EV mission successful,” Sudhindra Reddy, Co-Founder & COO of Turno added.
Commenting on the investment in Turno, Karan Mohla, General Partner, B Capital and head of early-stage investments in India & SEA said, “Commercial EV sales are heavily dependent on the availability of attractive financing options and today the Indian market is plagued by a 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. As a technology-enabled omnichannel platform, especially at a time when EV sales are inflecting and climate-tech-enabled 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.”
“We’ve been very impressed with Turno’s progress to date in making commercial EVs more readily available across India, and with their intentional work in the lifecycle management of those EVs and their batteries,” Varun Malhotra, Partner of Quona further added.
The company has forged multiple national-level partnerships with leading 3W electric vehicle manufacturers, including Mahindra & Mahindra, Piaggio, Omega Seiki Mobility, and Etrio, to sell their vehicles countrywide. They recently announced key personnel appointments across battery technology, brand, growth, and operations.