Turno, a Bengaluru-based commercial electric vehicle (EV) marketplace, has secured $5.5 million in fresh funding from British International Investment and existing investors. This funding round comes after 15 months, reflecting the company’s strategic push for growth and market expansion.
The board at Turno approved a special resolution to allocate 18,057 compulsory convertible preference shares at INR 25,509 each, raising INR 46 crore. British International Investment led the funding with INR 24.94 crore. At the same time, Stellaris Ventures, Quona Accion, and B Capital invested INR 6.89 crore, INR 9.27 crore, and Rs 4.95 crore, respectively.
The company plans to use the funds to expand and meet working capital requirements. According to market data, Turno’s post-money valuation is approximately $71 million. This round is ongoing, suggesting potential for additional investment and valuation adjustments.
Turno’s Market and Offerings
Founded by Hemanth Aluru and Sudhindra Reddy, Turno specializes in selling three-wheel EVs from brands like Mahindra & Mahindra, Piaggio, Euler Motors, and Etrio. Additionally, Turno provides financing options across Delhi, Telangana, Maharashtra, and other regions, offering loans for three-wheeler electric autos with a minimum down payment of INR 49,999 and a fixed interest rate of 10.5 percent.
Following this investment, Stellaris Ventures holds an 18.68 percent stake in Turno. B Capital, Quona Accion, and British International Investment have 7.70 percent, 6.54 percent, and 4.25 percent, respectively. These investments underscore Turno’s confidence in its business model and growth potential.
Incorporated in 2021, Turno reported a loss of INR 27 crore for the fiscal year ending March 2023, with its annual results for FY24 yet to be filed. Despite these initial losses, the company’s strategic moves position it well within the rapidly growing Indian EV market, valued at $34.8 billion and expected to reach $120 billion by 2030.
Turno’s competitive landscape includes rivals like Finayo, Revfin, and Vidyut. Still, the new funding and expansion plans bolster its market presence and future growth prospects.
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