Turno, a commercial EV startup operating in secret mode, has raised $3.1 million in equity financing. The round of funding was led by Stellaris Venture Partners, along with Avaana Capital.
“At Turno, we envision the future of Indian transportation to be completely electric with zero dependence on fossil fuels. Today, commercial vehicles constitute about 80 to 85 per cent of the entire fuel consumption in the country and our mission is to replace all diesel miles in the commercial vehicles with electric miles. 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,” said Hemanth Aluru, co-founder and chief executive officer of Turno.
With 60 employees, Turno has doubled its annual monthly sales since it began. Over the next one to two months, the company will expand its operations within Maharashtra, Tamil Nadu, Andhra Pradesh, Telangana, Gujarat, and NCR. Turno has already secured 75 percent of the market in the 3W retail cargo market within Bangalore and has formed agreements with top 3W electric OEMs such as Mahindra, Piaggio, Omega Seiki Mobility, Etrio, and many more. Based on the current pace of growth, Turno expects to be the biggest retailer of electric cars in the United States by the end of August 2022, according to the company stated in an announcement.
“Electric vehicles will reshape the automotive, mobility and energy industries. They are no longer part of some distant future, with the transition to electric increasingly visible with each passing day. The team Turno have leveraged their strong understanding of the automotive market and the EV ecosystem to create a compelling offering for the end buyer. In a short period of time, Turno has captured significant market share and enabled many fleet owners to go electric. We are excited to partner with them, and are confident that Turno will catalyze the move to electric for many more people in the years to come,” said Arpit Maheshwari, Stellaris Venture Partners.
Established in April 2022, Turno’s unique business model allows the retail and small and medium-sized enterprises that comprise 90% of the commercial vehicle fleet in India and the rest of the world to transition to electric cars. According to the company’s statement, the customers of Turno come from a wide use-case range, including small FMCG distributors selling fruit and vegetables manufacturing units gar,ment distributors, water bottle suppliers, and many more.
