India’s Turno Secures $6M in Series-A Extension Funding Round Co-Led by British and Quona Capital
Turno, an India-based electric vehicle (EV) distribution and financing company, has secured an additional $6 million in its Series-A funding round. This latest investment was co-led by British International Investment (BII), the UK’s development finance institution and impact investor, along with Quona Capital, Stellaris Venture Partners, and B Capital, as announced by Turno on Thursday.
This funding is set to advance Turno’s mission to reshape the electric vehicle landscape by expanding its current operations and launching new initiatives to enhance access to commercial EVs and related infrastructure.
Since its inception, Turno has amassed a total of $22.9 million in funding, which supports its expansion and the development of pioneering solutions in EV finance. Established in April 2022 by former Zoomcar executives Hemanth Aluru and Sudhindra Reddy, the Bengaluru-based startup provides financing solutions to small and medium-sized enterprises (SMEs) and individuals looking to purchase commercial three-wheeler EVs.
“We are committed to democratizing EV technology through innovative business models that reduce ownership costs,” said Hemanth Aluru, Chief Executive Officer of Turno. “This approach is vital for the success of India’s EV mission. With this funding, we aim to accelerate the adoption of EVs for a broader audience.”
A core element of Turno’s offerings is its proprietary battery technology platform, which guarantees a buyback value for used EV batteries. Turno’s comprehensive solutions are transforming the market by offering the lowest total cost of ownership and a guaranteed buyback within three years, positioning it as a leading choice for those considering commercial EVs.
“Supporting local entrepreneurs to address development challenges, including climate change, is a key priority for BII in India,” said Abhinav Sinha, Managing Director and Head of Technology and Telecoms at BII.
“Turno’s innovative business model, cost-effective offerings, and efforts in repurposing EV batteries will attract more businesses and individuals to adopt commercial EVs, aligning with our goal to invest in climate-related innovations that facilitate EV adoption and help achieve India’s de-carbonization goals.”
Varun Malhotra, Partner at Quona Capital, praised Turno’s commitment to revolutionizing EV accessibility through financial reliability, aligning with Quona Capital’s mission to support ventures that drive inclusive growth.
“With their extensive expertise in EV solutions and regulatory landscape, Turno is poised for remarkable success, and we’re eager to join them on this transformative journey,”
he added.
Turno’s innovative EV distribution and financing platform offers a seamless transition to electric vehicles, providing access to top OEM brands and EV models along with best-in-market financing solutions. Its unique sales platform, which includes both online and physical stores, ensures accessibility and convenience for customers.
Through its dedication to affordability and accessibility, Turno has facilitated the adoption of commercial electric vehicles among SMEs, distributors, logistics firms, and e-commerce operators across India.