Turno, an electric vehicle distribution and financing startup, has raised $6 million from British International Investment (BII) and venture capital firms Quona Capital, Stellaris Venture Partners, and B Capital.
Founded in April 2022 by former Zoomcar executives Hemanth Aluru and Sudhindra Reddy, the Bengaluru-based startup provides financing solutions for small and mid-size enterprises and individuals planning to buy commercial three-wheeler (3W) electric vehicles.
CEO Hemanth Aluru stated that the funding will help Turno expand its offerings to more cities and enter a newer and larger form factor category.
Turno plans to collaborate with energy storage companies to repurpose batteries from 3W vehicles sold on its platform after years of use. To support this aspect of its business, Turno’s proprietary battery technology platform offers customers a guaranteed buyback value on used EV batteries.
The company entered the 3W cargo category in 2022 and the 3W passenger category in 2023. Turno works with seven manufacturers, including Euler Motors, Montra Electric, Mahindra Electric, Piaggio, Greaves, Altigreen, and Bajaj.
“We are committed to democratizing 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 $22.9 million in funding.
