Tech startup Turno for commercial electric vehicles has raised $13.8 million (about Rs 112 crore) in Series A funding from international venture capital companies B Capital and Quona Capital.
Along with new investors Alteria Capital and InnoVen Capital, the round also included current investors Stellaris Venture Partners and Avaana Capital, as per reported by VCCircle.
The company intends to use the additional funding for expanding its business and developing unique battery technologies.
“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,” said Hemanth Aluru, co-founder of Turno.
Hemanth Aluru and Sudhindra Reddy, former Zoomcar executives, founded Turno (Brand of Blubble pvt ltd) in 2022, an electric vehicle startup that aids operators of commercial vehicles in making the conversion to EVs.
“Commercial EV sales are heavily dependent on the availability of attractive financing options and today the Indian market is plagued by lack of truly customer centric options. Turno has identified a key missing element in the ecosystem that solves the problem of financing as well as distribution and servicing,” said Karan Mohla, general partner, B Capital and head of early-stage investments in India and SEA.
To assure the maximum return on value for EV owners, Turno offers a large selection of vehicles from partner OEMs, inexpensive financing, and battery value guarantees. The goal of Turno is to convert Indian gasoline miles to electric miles.