STARTUP-STORIES

Turno Raises $6 million in Latest Funding Round to Drive Expansion

SUMMARY

Turno, a Bengaluru-based EV distribution and financing startup, raised Rs 46 crore ($5.5 million) from investors including British International Investment, Quona Accion, Stellaris Ventures, and B Capital.

The funds will be used for expansion and working capital, increasing Turno's valuation to approximately Rs 587 crore ($71 million), with further funding expected to raise this value.

Bengaluru-based commercial electric vehicle (EV) distribution and financing startup, Turno, has successfully raised $6 million from both new and existing investors. This funding round comes after a 15-month gap, as disclosed in the company's regulatory filing accessed through the Registrar of Companies (RoC).

The board at Turno passed a special resolution to allot 18,057 compulsory convertible preference shares at an issue price of Rs 25,509 each. The breakdown of the investment includes Rs 24.94 crore from British International Investment, Rs 6.89 crore from Quona Accion, Rs 9.27 crore from Stellaris Ventures, and Rs 4.95 crore from B Capital.

The fresh capital will be utilized for expansion and to meet working capital requirements, as decided by Turno’s board. According to startup data intelligence platform TheKredible, Turno's post-money valuation stands at approximately Rs 587 crore ($71 million). The funding round is ongoing, and the company is expected to raise additional capital, potentially altering its valuation.

Following this investment, Stellaris Ventures holds an 18.68% stake in Turno, while B Capital, Quona Accion, and British International Investment hold 7.70%, 6.54%, and 4.25% stakes, respectively.

Founded by Hemanth Aluru and Sudhindra Reddy, Turno operates as a commercial vehicle marketplace, offering three-wheel EVs from manufacturers such as Mahindra & Mahindra, Piaggio, Euler Motors, and Etrio. The company also provides financing options across various regions, including Delhi, Telangana, and Maharashtra.

To date, Turno has raised approximately $23 million, including a $13.8 million Series A round in February last year. The company, incorporated in 2021, was at a pre-revenue stage during the fiscal year ending March 2023, with a reported loss of Rs 27 crore for the same period. Turno is yet to file its annual results for FY24.

This latest funding injection is set to bolster Turno's efforts in expanding its market reach and scaling its operations, aiming to capitalize on the growing demand for commercial electric vehicles in India.