Turno, a platform for commercial electric vehicle (EV) distribution and financing, today announced a $13.8 million (around Rs 112 crores) Series A funding to scale across the country and to build proprietary battery technology.
The funding round was 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. Turno plans to use the funding to build a proprietary battery tech platform to address issues around end-of-life battery value.
Turno delivers a complete total cost of ownership solution to commercial EV buyers. It offers a multi-brand selection of vehicles at the lowest prices through its EV sales platform (with both online and physical stores), the lowest-cost financing, and a guaranteed buy-back value on used batteries backed by its proprietary battery technology.
Turno’s flagship offering lowers the overall ownership costs for customers by 30 percent, when compared to its competitors.
Founded by Hemanth Aluru and Sudhindra Reddy (ex-Zoomcar CXOs) in January 2022, Turno is currently operational in five states — Karnataka, Telangana, Tamil Nadu, Delhi NCR, and Maharashtra — covering major markets in the South, West, and North of India. Since its inception, the company has captured approximately 20 percent market share.
Hemanth Aluru, said, “Today 80-85 percent of India’s automotive fuel consumption is driven by commercial vehicles with internal combustion engines. Yet, there is a strong desire to transition to a green economy, and so, commercial EV adoption holds significant promise.”
The company has identified an untapped opportunity to create a proprietary battery technology platform to repurpose EV batteries into large-scale second-life energy storage systems. This enhances the life-cycle value of batteries and prolongs their usable life avoiding impending environmental disasters such as dumping used batteries in landfills and creating more toxic e-waste.
Customers who purchase EVs through Turno receive a Vehicle Lifecycle Management app, which incentivises users’ driving behaviour to prolong battery life. The app offers a real-time dashboard for consumers to know their guaranteed buyback price for their vehicle’s end-of-life. The company promises an average 25-30 percent higher buyback than the market.
Sudhindra Reddy, Co-Founder & COO of Turno adds “Our endeavour is to make the EV technology equitably available to everyone through business model innovations that can continually bring down the costs of ownership. We believe this is the only way to make India’s EV mission successful.”
The company has forged multiple national-level partnerships with leading three-wheeler electric vehicle manufacturers, including Mahindra, Piaggio, Omega Seiki Mobility, and Etrio, to sell their vehicles countrywide.