Turno raises $6 million in a Series A round co-led by Bill and Quona Capital

Bengaluru-based startup Turno, a company that focuses on financing and distribution of electric vehicles, has raised $6 million in a Series A round of funding, the company said in a press release on May 30.

The fresh funding round was led by British International Investment (BII) and its existing investor Quona Capital. 

However, other existing investors including B Capital and Stellaris Venture Partners also took part in this round.

Previously, the company raised a total of $16.9 million excluding this fresh funding.

“Backing local entrepreneurs to solve development challenges, including the impact of climate change is a key priority for BII in India. Turno’s innovative business model, lower cost offering, and novel efforts at repurposing EV batteries will help attract more people and businesses to adopt commercial EVs," said Abhinav Sinha, MD and head of technology and telecoms at BII.

Turno which was founded in 2022 by ex-Zoomcar executives Hemanth Aluru and Sudhindra Reddy, is an EV segment-concentrated company.

The startup intends to utilise the proceeds from this fundraising round to look at large form-factor vehicles, invest in battery technology, and expand its network throughout the nation. It also plans to use the funding to expand its market reach and enhance its battery technology platform.

Turno CEO Hemanth Aluru said the biggest challenge for the EV segment is increasing the awareness level of these vehicles and creating a framework for the resale of these units.

“Backing local entrepreneurs to solve development challenges, including the impact of climate change, is a key priority for BII in India. Turno’s innovative business model, lower cost offering, and novel efforts at repurposing EV batteries will help attract more people and businesses to adopt commercial EVs," said Aluru.

Turno claims to have recorded a 4x growth in business in FY24 and expects to maintain this momentum in the current fiscal also.

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