[Update] Commercial EV Financing Startup Turno Pockets $6 Mn From BII, Stellaris, Others

Update | May 30, 10:55 PM

EV distribution and financing startup Turno has officially announced that it has raised $6 Mn (INR  49.97 Cr) in an extended Series A funding round co-led by British International Investment (BII) and existing investor Quona Capital.

Stellaris Venture Partners and B Capital also participated in the funding round. 

In a statement, the Bengaluru-based startup said it will use the proceeds to expand its footprint in India and build on its battery technology platform.

The startup will also deploy a portion of the capital to enter new categories of EVs, which include large form factor vehicles such as commercial buses, as well as pilot new projects in this segment.

Original Story | May 27, 06:53 PM

Commercial EV-focused fintech startup Turno has raised a fresh funding of INR 46.06 Cr ($5.5 Mn) led by British International Investment, the UK government’s development finance institution.

The round also saw participation from Stellaris Venture Partners, B Capital, Quona Capital and Accion Venture Lab.

As per the company’s filing, while British International Investment infused INR 24.94 Cr, Stellaris Venture Partners pumped INR 9.26 Cr into Turno. Meanwhile, B Capital invested INR 4.95 Cr, with Quona Capital and Accion Venture Lab jointly contributing INR 6.28 Cr to the round.

The latest fundraise seems to be an extension of the Series A round, as part of which Turno had raised $13.8 Mn from B Capital and Quona Capital last year. 

The startup plans to utilise the fresh funds to expand its operations and fund its capital expenditure budget.

The board of directors of Blubble, the parent company of Turno, passed a special resolution in April to issue 18,057 Series A9 compulsory convertible preference shares to raise INR 46.06 Cr, with a face value of INR 5 each, the filing showed.

Founded in 2022 by former Zoomcar C-suite executives Hemanth Aluru and Sudhindra Reddy, Turno is a commercial EV marketplace that sells used three-wheeler EVs from brands such as Mahindra & Mahindra, Piaggio, Euler Motors, Etrio, Omega Seiki Mobility and Altigreen among others.

The Bengaluru-based startup also helps customers get loans for three-wheeler electric autos at a minimum downpayment of INR 49,999, charging a fixed interest rate of 10.5%. 

The company runs online and physical stores across Karnataka, Delhi, Telangana, Maharashtra, Tamil Nadu, and Gujarat.

In the EV financing sector, it competes against the likes of Finayo, Revfin, and Vidyut among others.

Currently valued at $34.8 Bn, the Indian EV market is expected to grow at a CAGR of 22.92% to reach $120 Bn by 2030, as per a report by Mordor Intelligence.