The distribution and financing company Turno for commercial electric vehicles (EVs) has raised Rs 46 crore ($5.5 million) from both new and existing investors. The Bengaluru-based company received a fresh round of funding after a quarter of a century.
Turno’s board of directors has approved a special resolution to issue 18,057 mandatory convertible preference shares at a price of Rs 25,509 apiece in order to raise Rs 46 crore, according to a regulatory filing that can be viewed through the Registrar of Companies (RoC).
Existing investors Quona Accion, Stellaris Ventures, and B Capital contributed 6.89 crore, 9.27 crore, and 4.95 crore, respectively, to the investment made by British International Investment, which totaled Rs 24.94 crore.
The company intends to use these funds, as determined by the board, for working capital requirements and expansion, according to the filings.
The media estimate Turno to be worth approximately Rs 587 crore, or $71 million after debt. The funding round appears to be ongoing, so the company will probably raise additional funds, which will alter the company’s valuation.
Stellaris Ventures now owns an 18.68% stake in Turno after the new investment, with B Capital, Quona Accion, and British International Investment holding 7.70%, 6.54%, and 4.25% of the company, respectively.
Hemanth Aluru and Sudhindra Reddy founded Turno, a commercial vehicle marketplace that offers three-wheel electric vehicles (EVs) from manufacturers like Mahindra & Mahindra, Piaggio, Euler Motors, and Etrio. It also offers financing options in Maharashtra, Telangana, Delhi, and other places.
With the $13.8 million it raised in its Series A round in February of last year, the company has raised about $22.5 million total to date. Founded in 2021, the business lost Rs. 27 crores in the same fiscal year that it was at pre-revenue. The fiscal year ended in March 2023. For the most recent fiscal year, FY24, Tuno has not yet submitted its annual results.
