Turno is a commercial EV distribution and financing startup that has raised $5.5 million in a funding round led by BII. The round had participation from new and existing investors including Quona Action, Stellaris Ventures, B Capital, and British International Investment. The company plans to use the fund for expansion and scale-up to meet working capital requirements.
The post-valuation of Turno after this round is estimated by TheKredible to be around Rs 587 crore. The round is still ongoing so the worth of the startup will change accordingly. After the investments, Stellaris Ventures holds an 18.68% stake followed by B Capital, Quona Accion, and BII with 7.70%, 6.54%, and 4.25% stake, respectively. Turno is a commercial vehicle marketplace, founded by Hemanth Aluru and Sudhindra Reddy to sell three-wheel EVs including Piaggo, Mahindra & Mahindra, Euler Motors, and Etrio among others.
The startup has raised around $22.5 million, including $13.8 million from its series A funding round last year. Turno’s board has approved a special resolution to provide 18,057 compulsory convertible preference shares at an issue price of Rs 25,509 each. This will help the company to raise Rs 46 crore, according to the regulatory filing. BII invested a total of Rs 24.94 crore and led the funding round. This commercial EV startup has previously secured $13.8 million in its series A funding round led by Quona Capital and Global Ventures Capital form B capital.
The company helps individuals and small businesses select a commercial EV and allows them to buy an electric vehicle by providing credit through the Turno credit app. The startup claims a guaranteed buy-back value on used EV batteries and low-cost financing. Turno claims that it has captured around 20% of India’s commercial EV market. The company offers both online and offline stores including
Maharashtra, Karnataka, Telangana, Delhi NCR, and Tamil Nadu.
Conclusion :
Commercial EV-based fintech startup, Turno has raised $5.5 million fund in a round led by BII. The round had participation from new and existing investors including Quona Action, Stellaris Ventures, B Capital, and British International Investment. The company plans to use the fund for expansion and scale-up to meet working capital requirements. Turno has raised a total of $22.5 million, including $13.8 million from its Series A round last year.
The board has approved a resolution to issue 18,057 compulsory convertible preference shares at Rs 25,509 each, aiming to raise Rs 46 crore. BII led the current funding round with an investment of Rs 24.94 crore. Turno is a commercial vehicle marketplace, founded by Hemanth Aluru and Sudhindra Reddy to sell three-wheel EVs including Piaggo, Mahindra & Mahindra, Euler Motors, and Etrio among others. BII invested a total of Rs 24.94 crore and led the funding round.
This commercial EV startup has previously secured $13.8 million in its series A funding round led by Quona Capital and Global Ventures Capital form B capital. Funds will be used for expansion and to meet working capital needs
Image source: Turno.club
