With participation from current investors Stellaris Venture Partners and Avaana Capital as well as new investors Alteria Capital and InnoVen Capital, Turno, a platform for commercial electric vehicle (EV) distribution and financing, has raised $13.8 million in its Series A round, which was co-led by international venture capital firms B Capital and Quona Capital.
In response to widespread worries about EV batteries and e-waste, the cash will be used to develop a unique battery tech platform that will address challenges related to end-of-life battery value, according to a news statement from Turno.
Turno, a company founded by Hemanth Aluru and Sudhindra Reddy, uses its exclusive EV sales platform to provide a multi-brand range of vehicles at the lowest costs (with both online and physical stores). Comparing Turno’s flagship product to other EV purchase choices now available, the company says that it will reduce consumers’ overall ownership expenses by 30%.
Currently, the firm is operating in five states—Karnataka, Telangana, Tamil Nadu, Delhi NCR, and Maharashtra—covering the country’s key markets in the South, West, and North. To market their vehicles across the nation, the company has established several national-level agreements with top 3W electric vehicle producers, including Mahindra & Mahindra, Piaggio, Omega Seiki Mobility, and Etrio.
