HomeFunding AlertFunding: Turno Bags $13.8 Million In Series A Funding

Funding: Turno Bags $13.8 Million In Series A Funding

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.

READ ALSO: Rezolve.ai Raises $11 Mn in Series A Led By SIG Venture Capital

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.

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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.

The company discovered an opportunity to develop a proprietary platform for battery technology to recycle EV batteries into large-scale, second-life energy storage systems. The life cycle of the battery is extended to prevent it from being thrown away.

Turno customers who buy electric vehicles receive a vehicle lifecycle management app that encourages them to drive safely and prolongs battery life. The app allows customers to see their guaranteed price at the end of their vehicle’s life. The average price is higher than the market.

READ ALSO: Funding: IAN invests INR 1.8 Cr in EV tech startup, Electrifuel

About Turno

Founded in 2022 by Hemanth Aluru and Sudhindra Reddy, Turno is a fintech startup that provides electric vehicle solutions for operators and owners. It helps commercial vehicle operators make the switch to EVs. Turno accomplishes this by offering a diverse range of vehicles from partner OEMs, affordable financing, and battery value guarantees to ensure the best possible return on investment for EV owners. Turno’s mission in India is to convert gasoline miles to electric miles. The startup sells EVs manufactured by various brands both online and in physical stores, as well as providing financing options and buying back used batteries.

Ankush Kumar
Ankush Kumarhttps://www.marketmoney.in
Ankush Kumar is the Founder of Market Money. He is an expert in Banking and Finance. He has appeared in B.Com (Banking & Finance) From Govt. College in Lucknow.

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