Turno, a fintech startup with a focus on commercial electric vehicles, has raised $13.8 million (roughly INR 112 crore) in a Series A funding round that was jointly led by B Capital and Quona Capital.
Along with new investors Alteria Capital and InnoVen Capital, the round also included previous investors Stellaris Venture Partners and Avaana Capital.
Turno intends to use the additional funds to broaden its used battery distribution network throughout India and provide solutions for electric vehicle users’ urgent concerns.
Avaana Capital and Stellaris Venture Partners led a $3.1 million seed funding round for the fintech startup prior to this development.
The Bengaluru-based EV startup, founded in April 2022 by former Zoomcar C-level executives Hemanth Aluru and Sudhindra Reddy, provides financing options to SMEs and private buyers of used commercial three-wheeler electric vehicles.
The startup offers credit through its Turno credit app, which later enables SMBs and individuals to purchase the appropriate commercial EV.
“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 so, commercial EV adoption holds significant promise,” said, Hemanth Aluru, cofounder and CEO of Turno.
According to the startup, in order to help customers understand its guaranteed buyback services, its vehicle lifecycle management app provides a real-time dashboard. This dashboard allows customers to see their guaranteed buyback price for electric vehicles. The application gamifies and rewards EV drivers’ driving habits to increase battery life.
The startup claims to have low-cost financing and a guaranteed buy-back value on used EV batteries. It asserted that it has captured nearly 20% of India’s commercial EV market.
“Our endeavor is to make the 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,” said Sudhindra Reddy, cofounder and COO of Turno.
