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Turno, a company that distributes and finances commercial electric vehicles (EVs), has secured Rs 46 crore ($5.5 million) from both new and existing investors.
The firm intends to use this money, as determined by the board, for working capital requirements and expansion, according to the documents.
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In addition to current investors Quona Accion, Stellaris Ventures, and B Capital, who contributed 6.89 crore, 9.27 crore, and 4.95 crore, respectively, British International Investment invested Rs 24.94 crore.
A special resolution was approved by Turno's board to allocate 18,057 mandatory convertible preference shares at an issue price of Rs 25,509 apiece, with the goal of raising Rs 46 crore.
Turno is a marketplace for commercial vehicles that offers three-wheel electric vehicles (EVs) from manufacturers like Mahindra & Mahindra, Piaggio, Euler Motors, and Etrio.
Turno's post-money valuation is around Rs 587 crore, or $71 million. The funding round appears to be ongoing, therefore the company will probably raise additional funds, which will alter the company's valuation.
About Turno
Founded in 2022 by Hemanth Aluru and Sudhindra Reddy Pidapa, Turno is an electric vehicle company that facilitates the conversion of commercial vehicle operators to electric cars.
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