Bengaluru-based Commercial EV-focused fintech startup Turno has raised $13.8 Mn (around INR 112 Cr) in a Series A funding round co-led by global venture capital firms B Capital and Quona Capital.
Existing investors Stellaris Venture Partners, and Avaana Capital also participated in the round along with new investors Alteria Capital, EFung Capital, and InnoVen Capital.
The company plans to utilize the fresh capital to expand its electric vehicle distribution platform across India and offer used battery solutions to address the pressing concerns of EV users.
Turno offers a total cost-of-ownership solution for commercial EV buyers. Turno offers a wide range of brands at low prices via its EV sales platform. It also provides financing options that are affordable and guarantees the buy-back value for used batteries.
Hemanth Aluru, Co-Founder of Turno said, “Today 80-85% of Indians’ automotive fuel consumption comes from commercial vehicles with internal combustion engines. However, there is a strong desire for a transition to a more sustainable economy. Commercial EV adoption holds great promise.
Sudhindra Reddy (Co-Founder and COO of Turno) said that “their goal is to make EV technology accessible to all through innovative business models that can continuously lower the cost of ownership. India’s EV mission can only succeed according to our belief.