Commercial electric vehicle distribution and financing platform Turno on Thursday said it has raised USD 13.8 million (around Rs 112 crore) in a funding round to build a proprietary battery-tech platform. The Series A funding round was co-led by global venture capital firms B Capital and Quona Capital with participation from existing investors Stellaris Venture Partners and Avaana Capital and new investors Alteria Capital and InnoVen Capital, the company said in a statement.
Turno said it plans to use the funding to build a proprietary battery-tech platform to address issues around end-of-life battery value, amid global concerns around EV batteries and e-waste.
Founded by Zoomcar's former CXOs -- Hemanth Aluru and Sudhindra Reddy -- in January last year, Turno is currently operational in five states (Karnataka, Telangana, Tamil Nadu, Delhi NCR, and Maharashtra), covering major markets in the South, West, and North of India. "Today 80-85 per cent of India's automotive fuel consumption is driven by commercial vehicles with internal combustion engines. Yet, there is a strong desire to transition to a green economy and so, commercial EV adoption holds significant promise," said Aluru, Co-Founder and CEO of Turno.
The company said it has identified a massive untapped opportunity to create a proprietary battery technology platform to repurpose EV batteries into large scale second-life energy storage systems. "Commercial EV sales are heavily dependent on the availability of attractive financing options and today the Indian market is plagued by lack of customer centric options.
"Turno has identified a key missing element in the ecosystem that solves the problem of financing as well as distribution and servicing," said Karan Mohla, General Partner, B Capital and head of early stage investments in India & SEA. The company has forged multiple national level partnerships with leading 3W electric vehicle manufacturers to sell their vehicles countrywide, according to Turno.