Bengaluru-based electric vehicle (EV) distribution and financing startup Turno has raised Rs 46 crore ($5.5 million) from a mix of new and existing investors. This latest funding round, the first in 15 months, was led by British International Investment (BII) and included significant contributions from Quona Accion, Stellaris Ventures, and B Capital.
According to regulatory filings accessed through the Registrar of Companies (RoC), Turno’s board approved a special resolution to issue 18,057 compulsory convertible preference shares at Rs 25,509 each to raise Rs 46 crore. BII’s investment amounted to Rs 24.94 crore, while Quona Accion, Stellaris Ventures, and B Capital invested Rs 6.89 crore, Rs 9.27 crore, and Rs 4.95 crore, respectively.
As per the board’s strategic direction, the company plans to use the newly infused capital for expansion and to address its working capital needs.
Following this funding round, Stellaris Ventures holds an 18.68% stake in Turno, with B Capital, Quona Accion, and British International Investment holding 7.70%, 6.54%, and 4.25% stakes, respectively.
Turno, founded by Hemanth Aluru and Sudhindra Reddy, is a commercial vehicle marketplace that sells three-wheel EVs from manufacturers like Mahindra & Mahindra, Piaggio, Euler Motors, and Etrio. The startup also offers financing options in several Indian states, including Delhi, Telangana, and Maharashtra.
Since its inception in 2021, Turno has raised approximately $22.5 million, including a $13.8 million Series A round in February 2022. The company, which was at a pre-revenue stage during the fiscal year ending March 2023, reported a loss of Rs 27 crore for that period. Turno’s annual results for the last fiscal year (FY24) are yet to be filed.
