Turno, a platform for commercial electric vehicle (EV) distribution and financing, has raised $13.8 million in its Series A round 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 funding will be used to build a proprietary battery tech platform to address issues around end-of-life battery value, amid global concerns around EV batteries and e-waste, Turno said in a press release.
Founded by Hemanth Aluru and Sudhindra Reddy, Turno offers a multi-brand selection of vehicles at the lowest prices through its unique EV sales platform (with both online and physical stores). Turno’s flagship offering claims to lower the overall ownership costs for customers by 30% when compared to other EV purchasing options available today.
The startup is currently operational in five states such as Karnataka, Telangana, Tamil Nadu, Delhi NCR, and Maharashtra— covering major markets in the South, West, and North of India. The firm has forged multiple national level partnerships with leading 3W electric vehicle manufacturers, including Mahindra & Mahindra, Piaggio, Omega Seiki Mobility, and Etrio, to sell their vehicles countrywide.