Bangalore, India-based commercial electric vehicle (EV) startup Turno raised USD 3.1 million in seed funding. The round took place on June 29, 2022. Stellaris Venture Partners and Avaana Capital led the funding for Turno. Meanwhile, several angel investors also joined in the funding. Vipul Parekh of Bigbasket, Jayant Paleti of Darwinbox, Lizzie Chapman and Priyamvada Sharma of ZestMoney, Dhyanesh Shah of Mosaic Wellness, Matilde Giglio of Even; Rohit Bhat of Airavat Capital, Aditya Systla of Eight Roads, Arjun Rao of Speciale Invest, Bala Parthasarathy of Freo Money, Archit Gupta of Clear, Ashish Goel of Urban Ladder, Kunal Khattar of Advantedge and the Goenka Family Office of the Indian Express to name a few.
Purpose of Funding by Turno
At present, the electric vehicle startup operates in stealth mode. However, with the recent investment, Turno aims expansion across Maharashtra, Tamil Nadu, Andhra Pradesh, Telangana, Gujarat, and the NCR.
Further, Turno seeks to become the country’s largest seller of electric vehicles by August 2022.
What the founder has to say
“At Turno, we envision the future of Indian transportation to be completely electric with zero dependence on fossil fuels. Today, commercial vehicles constitute about 80-85% of the entire fuel consumption in the country, and our mission is to replace all diesel miles in commercial vehicles with electric miles. We are excited to have investors, who are among the few to understand the nuances of EV investments,” said Hemanth Aluru, co-founder and chief executive officer, Turno.
What the investor has to say
Arpit Maheshwari, Stellaris Venture Partners, said, “Turno has captured significant market share and enabled many small fleet owners to go electric. We are excited to partner with them and are confident Turno will catalyze the move to electric for many more people in the years to come.”
Hemanth Aluru and Sudhindra Reddy launched Turno in 2022. Operational since April 2022, the startup has been in stealth mode. The Bangalore-based firm enables the retail segment to switch to electric cars. The retail sector comprising individuals and small-medium enterprises (SMEs) constitutes ninety per cent of vehicles in India. The startup has doubled its sales volume every month since it began its operations. The platform has already captured 75 per cent of the market share. Moreover, Turno enjoys partnerships with leading three-wheeler OEMs like Mahindra, Piaggio, and Etrio.
Turno also launched a beta version of its customer app. The application provides instant feedback to customers on their battery’s performance. Further, it suggests changes in vehicle usage behaviour to extend the battery life.
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