EV Financing Firm Turno Raises $13.8 Million in Series A Funding
The company will use the funding to develop proprietary battery tech
February 9, 2023
Turno, a Bengaluru-based commercial electric vehicle (EV) distribution and financing platform, has raised $13.8 million in series A funding which would be used to build proprietary battery technology and scale across the country.
The funding round was co-led by global venture capital firms B Capital and Quona Capital with participation from existing investors Stellaris Venture Partners and Avaana Capital, and new investors Alteria Capital and InnoVen Capital.
The company plans to use the funding for a proprietary battery tech platform to address issues around end-of-life battery value, amid concerns around EV batteries and e-waste globally.
“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” Hemanth Aluru, Co-Founder & CEO of Turno, said.
Turno offers a multi-brand selection of vehicles at low prices both online and in physical stores, with low-cost financing and a buy-back value on used batteries backed by its proprietary battery technology.
It promises an average 25- 30% higher buyback than the market. The company’s flagship offering claims to lower the overall ownership costs for customers by 30% when compared to other EV purchasing options.
The company said it has captured approximately 20% market share in India.
It has identified an opportunity to create a battery technology platform to repurpose EV batteries into large-scale second-life energy storage systems.
This enhances both the life-cycle value of batteries and prolongs their usable life avoiding impending environmental disasters such as dumping used batteries in landfills and creating toxic e-waste.
The new technology can lead to lower EV ownership costs, thereby making EVs more affordable and accessible to the masses.
Founded in January 2022, the company is currently operational in Karnataka, Telangana, Tamil Nadu, Delhi NCR, and Maharashtra.
The company has forged national-level partnerships with 3-wheeler electric vehicle manufacturers, including Mahindra & Mahindra, Piaggio, Omega Seiki Mobility, and Etrio, to sell their vehicles countrywide.
They recently announced key personnel appointments across battery technology, brand, growth, and operations.
In July 2022 the startup raised $3.1 million in an equity funding round led by Stellaris Venture Partners and Avaana Capital.
Recently, the government announced it aims to install a total of 46,397 public charging stations for EVs in nine major cities by the end of the decade.