EV marketplace-financing startup Turno raises $6 million from BII, others
Turno, an electric vehicle distribution and financing startup, has raised $6 million from impact investor British International Investment (BII) and venture capital firms Quona Capital, Stellaris Venture Partners and B Capital.
Founded in April 2022 by former Zoomcar C-suite executives Hemanth Aluru and Sudhindra Reddy, the Bengaluru-based startup offers financing solutions to small and mid-size enterprises as well as individuals who plan to buy commercial three-wheeler (3W) electric vehicles.
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Offering CollegeCourseWebsiteIIT DelhiCertificate Programme in Data Science & Machine LearningVisitMIT xPROMIT Technology Leadership and InnovationVisitIndian School of BusinessISB Product ManagementVisitThe funding will help the company expand its offerings to more cities and also enter a newer and larger form factor category, Aluru, who is also the firm’s CEO, told ET.
Turno is looking to work with energy storage companies to repurpose batteries of 3W vehicles sold from its platform after certain years of usage. To enable this side of i ts business, its proprietary battery technology platform provides customers with guaranteed buyback value on used EV batteries.
The company entered the 3W cargo category in 2022 and the 3W passenger category in 2023. It works with seven brands on the manufacturers’ side such as Euler Motors, Montra Electric, Mahindra Electric, Piaggio, Greaves, Altigreen and Bajaj.
“We are committed to democratising EV technology through innovative
