Turno, a platform that facilitates commercial electric vehicle, distribution, and financing, announced a $13.8 million Series A funding. This will be used to scale the company across the country and develop proprietary battery technology.
Global venture capital firms B Capital and Quona Capital led the funding round, along with existing investors Stellaris Venture Partners, as well as Avaana Capital. New investors included InnoVen Capital and Alteria Capital. Turno intends to use the funds to create a proprietary platform for battery technology to address issues related to end-of-life batteries.
Turno offers a total-cost-of-ownership solution for commercial EV buyers. Turno offers a wide range of brands at low prices via its EV sales platform. It also provides financing options that are affordable and guarantees the buy-back value for used batteries.
Turno’s flagship product reduces customer ownership costs by 30% compared to its rivals.
Hemanth Aluru, Co-Founder of Turno stated that 80-85% of Indians’ automotive fuel consumption comes from commercial vehicles with internal combustion engines. However, there is a strong desire for a transition to a more sustainable economy. Commercial EV adoption holds great promise.
The company discovered an opportunity to develop a proprietary platform for battery technology to recycle EV batteries into large-scale, second-life energy storage systems. This extends the battery’s life cycle and prevents them from being thrown away in landfills.
Turno customers who buy EVs receive a Vehicle Lifecycle Management App that encourages users to drive safely and prolongs battery life. The app provides a dashboard that allows customers to see their guaranteed buyback price at the end of their vehicle’s life. The average buyback price is 25-30% higher than the market, according to the company.
Sudhindra Reddy (Co-Founder and COO of Turno) states that “our endeavor is to make EV technology accessible to all through innovative business models that can continuously lower the cost of ownership. This is our belief that India’s EV mission can only succeed.”