Indian commercial electric vehicle (EV) distribution and financing platform Turno has secured $13.8 million in a Series A funding round.
B Capital and Quona Capital led the round. Existing investors Stellaris Venture Partners and Avaana Capital, and new investors Alteria Capital and InnoVen Capital also joined.
The startup plans to use the funds to build proprietary battery technology to address issues surrounding the end-of-life value of EV batteries and e-waste. The battery technology platform aims to repurpose EV batteries into second-life energy storage systems, extending their usable life and avoiding e-waste.
Founded by Hemanth Aluru and Sudhindra Reddy in January 2022, Turno offers a “complete” solution for commercial EV buyers, with a multi-brand selection of vehicles, low-cost financing, and buy-back value on used batteries backed by its proprietary technology.
Turno also offers a vehicle lifecycle management app that gamifies and incentivises users’ driving behaviour to prolong battery life. The app provides a real-time dashboard for consumers to track their guaranteed buyback price for their vehicle’s end-of-life, which promises to be 25-30% higher than the market average.
The company has partnerships with leading 3W EV manufacturers, including Mahindra & Mahindra, Piaggio, Omega Seiki Mobility, and Etrio, to sell their vehicles nationwide.
Turno has grown to cover five states (Karnataka, Telangana, Tamil Nadu, Delhi NCR, and Maharashtra) in India and claims to have captured 20% of the market.
Hemanth Aluru, CEO and co-Founder, 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 so, 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.”