Commercial EV financing startup Turno raises $13.8 million in funding led by B Capital, Quona Capital

Existing investors Stellaris Venture Partners and Avaana Capital participated in the funding round, which also brought on board new investors Alteria Capital and InnoVen Capital.

The company, which claims to have a 20% market share in its segment, plans to utilise the funds to expand operations and build a proprietary battery tech platform to address issues around end-of-life battery value amid global concerns around EV batteries and e-waste.

“Today, 80-85% of India’s automotive fuel consumption is driven by commercial vehicles with internal combustion engines,” said Turno chief executive officer Hemanth Aluru. “Yet, there is a strong desire to transition to a green economy and so, commercial EV adoption holds a significant promise. Turno was founded with the mission to convert these ‘gasoline miles’ into ‘electric miles’, having a significant positive impact on the environment.”

Turno aims to use its proprietary technology to repurpose EV batteries into large-scale second-life energy storage systems. This will help prolong their usable life, avoid dumping of used batteries in landfills and thereby in the creation of toxic e-waste.

Additionally, the technology will help lower EV ownership costs and make them more affordable to the masses.

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The company claims it is the only platform in India which delivers a complete total cost of ownership solution to commercial EV buyers. It said it offers a multi-brand selection of vehicles at lowest prices through its EV sales platform, both online and via physical stores, lowest-cost financing and a guaranteed buy-back value on used batteries. This would reduce overall ownership costs by 30% compared with other EV purchasing options available, it said.

Turno is currently operational in Karnataka, Telangana, Tamil Nadu, Delhi-National Capital Region and Maharashtra, and plans to expand its footprint nationally.

The company has tied up with multiple electric three-wheeler vehicle manufacturers, including Mahindra & Mahindra, Piaggio, Omega Seiki Mobility and Etrio, to sell their vehicles countrywide.