Commercial EV startup Turno raises over $3 million

Over the next 1-2 months, the company plans to launch its operations in Maharashtra, Tamil Nadu, Andhra Pradesh, Telangana, Gujarat, and NCR. 

Autocar Pro News Desk By Autocar Pro News Desk calendar 29 Jun 2022 Views icon6186 Views Share - Share to Facebook Share to Twitter Share to LinkedIn Share to Whatsapp

A commercial EV start-up based in Bengaluru, Turno, has raised $3.1 million in equity funding. The investment was led by Stellaris Venture Partners, along with Avaana Capital.

Turno’s unique model enables the retail segment - individuals and SMEs - which constitutes 90 percent of commercial vehicles in India, to switch to electric vehicles. The company claims it has already captured a 75 percent market share in the retail cargo three-wheeler segment in Bengaluru in just 2 months of starting operations. It has partnered major OEMs like Mahindra Electric, Piaggio, Omega Seiki Mobility, Etrio and more. Over the next 1-2 months, the company plans to launch its operations in Maharashtra, Tamil Nadu, Andhra Pradesh, Telangana, Gujarat, and NCR. 

Hemanth Aluru, Co-Founder and CEO Turno, said, “TWe are excited to have investors, who are amongst the few to understand the nuances of EV investments and share our deep passion for accelerating India’s transition to green mobility.”  

“Turno’s digital first approach has already disrupted the traditional offline sales channels, delivering 3x additional sales to our OEM partners. Today, we are delivering world class battery analytics and highest battery valuations to our customers. With this capital infusion, we will accelerate investments in our proprietary battery technology to lower the EV ownership costs even further," added Sudhindra Reddy, Co-founder and COO Turno. 

Arpit Maheshwari, Stellaris Venture Partners, commented on the investment “Compared to their ICE counterparts, Commercial Electric Vehicles (CEVs) present a superior value proposition - better economics with high reliability - for fleet operators today. However, adoption has not taken off proportionately - buyers have important questions around choice, financing, and residual value. This presents a large and exciting opportunity to play the role of orchestrator in the CEV ecosystem, one that Turno is fulfilling.”

Shruti Srivastava, Avaana Capital, further added, “ We are excited about the opportunity and their ability to build a scalable, defensible and market leading business."

Also read
Metaverse set to drive luxury car sales
 

RELATED ARTICLES
Hero Electric to source wiring harness solutions from Dhoot Transmission

auther Autocar Pro News Desk calendar08 Feb 2023

Dhoot Transmission has collaborated with the EV OEM on the 3D design for the wiring harness which is designed to deliver...

BYD India gets over 2,000 bookings for Atto 3 e-SUV, begins deliveries

auther Autocar Pro News Desk calendar07 Feb 2023

The Atto 3 has received more than 2,000 bookings since its launch in November 2022; only 1,200 units available to custom...

Ather Energy targets staffers of 2,500 corporates to make the shift to EVs

auther Autocar Pro News Desk calendar07 Feb 2023

Electric two-wheeler OEM bundles corporate discounts and exchange offers worth Rs 16,259 on Ather 450 e-scooters to driv...