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Turno, a commercial electric vehicle startup based out of Bengaluru has raised equity funding of $3.1 million. Stellaris Venture Partners and Avaana Capital led the investment.
Turno’s unique model allows the retail segment, which includes individuals and small businesses, to convert to electric vehicles. This is 90% of India’s commercial vehicle fleet. In just two months, the company has claimed to have seized a 75% market share in Bengaluru’s retail cargo three-wheeler sector. It has collaborated with major OEMs such as Piaggio, Mahindra Electric, Omega Seiki Mobility and Etrio among others. The company will launch operations in Tamil Nadu, Maharashtra, Andhra Pradesh, Telangana, NCR, and Gujarat over the next two months.
Hemanth Aluru, Co-Founder and CEO Turno, said, “We are excited to have investors, who are amongst the few to understand the nuances of EV investments and share our deep passion for accelerating India’s transition to green mobility.”
“Turno’s digital-first approach has already disrupted the traditional offline sales channels, delivering 3x additional sales to our OEM partners. Today, we are delivering world-class battery analytics and the highest battery valuations to our customers. With this capital infusion, we will accelerate investments in our proprietary battery technology to lower the EV ownership costs even further,” added Sudhindra Reddy, Co-founder and COO Turno.
Arpit Maheshwari, Stellaris Venture Partners, commented on the investment said, “Compared to their ICE counterparts, Commercial Electric Vehicles (CEVs) present a superior value proposition – better economics with high reliability – for fleet operators today. However, adoption has not taken off proportionately – buyers have important questions around choice, financing, and residual value. This presents a large and exciting opportunity to play the role of orchestrator in the CEV ecosystem, one that Turno is fulfilling.”
Shruti Srivastava, Avaana Capital, further added, “ We are excited about the opportunity and their ability to build a scalable, defensible and market-leading business.”