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					</table><p><a href="https://www.turno.club/" target="_blank" rel="noopener">Turno</a>, 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.</p>
<p>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.</p>
<p>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.</p>
<p>“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 &amp; CEO of Turno, said.</p>
<p>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.</p>
<p>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.</p>
<p>The company said it has captured approximately 20% market share in India.</p>
<p>It has identified an opportunity to create a battery technology platform to repurpose EV batteries into large-scale second-life energy storage systems.</p>
<p>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.</p>
<p>The new technology can lead to lower EV ownership costs, thereby making EVs more affordable and accessible to the masses.</p>
<p>Founded in January 2022, the company is currently operational in Karnataka, Telangana, Tamil Nadu, Delhi NCR, and Maharashtra.</p>
<p>The company has forged national-level partnerships with 3-wheeler electric vehicle manufacturers, including Mahindra &amp; Mahindra, Piaggio, Omega Seiki Mobility, and Etrio, to sell their vehicles countrywide.</p>
<p>They recently announced key personnel appointments across battery technology, brand, growth, and operations.</p>
<p>In July 2022 the startup <a href="https://mercomindia.com/turno-raises-3-1-million-enhance-battery-life-cycle/" target="_blank" rel="noopener">raised</a> $3.1 million in an equity funding round led by Stellaris Venture Partners and Avaana Capital.</p>
<p>Recently, the government <a href="https://mercomindia.com/india-aims-at-9-fold-in-public-ev-charging-2030/" target="_blank" rel="noopener">announced</a> it aims to install a total of 46,397 public charging stations for EVs in nine major cities by the end of the decade.</p>
<div class="saboxplugin-wrap" itemtype="http://schema.org/Person" itemscope itemprop="author"><div class="saboxplugin-tab"><div class="saboxplugin-gravatar"></div><div class="saboxplugin-authorname"><a href="https://cms.mercomindia.com/author/gautamee-hazarika/" class="vcard author" rel="author"><span class="fn">Gautamee Hazarika</span></a></div><div class="saboxplugin-desc"><div itemprop="description"><div class="designboxt">
<p><img class="alignleft" style="border-radius: 50%;height: 50px;margin-top: -4px;border: 1px solid #00b451" src="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2022/10/Picture1.jpg" width="50" /></p>
<p><strong style="text-decoration: underline">Gautamee,</strong> Staff reporter at Mercom India<br />
<a href="https://mercomindia.com/author/gautamee-hazarika/" target="_blank" rel="noopener">More articles from Gautamee.</a><br />
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<a href="gautamee@mercomindia.com" target="_blank" rel="noopener">gautamee@mercomindia.com</a></p>
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<div class="authorboxn"><img class="alignleft" src="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2022/10/Picture1.jpg" width="102" height="102" /><a href="https://mercomindia.com/author/gautamee-hazarika/" rel="noopener">Gautamee</a> is a reporter at Mercom India. Prior to Mercom, Gautamee was working as a multimedia news journalist at ThePrint in New Delhi. She has received her Bachelors in English Honors and Masters in English Literature from St.Stephen&#8217;s College, University of Delhi.<a href="https://mercomindia.com/author/gautamee-hazarika/" rel="noopener">More articles from Gautamee</a></div>
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EV Financing Firm Turno Raises $13.8 Million in Series A Funding

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