Total amount raised
$22.2 Millions
Latest funding date
05/01/2024
Location
Turno has successfully raised funding through multiple rounds, with its latest being a Series A. The company specializes in providing three-wheeled electric vehicles and financing solutions to its customers.
With a diverse range of products and services, Turno continues to attract significant investor interest. Keep reading to explore the intricacies of Turno's fundraising journey and the investors backing this innovative platform.
What Is Turno?
Turno, founded in 2022, is an innovative automobile company based in Bengaluru, Karnataka, India. The company specializes in providing three-wheeled electric vehicles and financing solutions to its customers.
Founded by Hemanth Aluru and Sudhindra Reddy, Turno aims to help commercial vehicle operators switch to electric vehicles by offering a range of vehicles from partner OEMs, affordable financing, and battery value guarantees.
With a workforce of 101-250 employees, Turno continues to expand its reach and impact in the electric vehicle market, offering services like maintenance, repair, and a multibrand store for exploring and purchasing electric commercial vehicles.
How Much Funding Has Turno Raised?
- Seed Round
- Amount Raised: $3.1M
- Date: June 2022
- Lead Investors: Avaana Capital, Stellaris Venture Partners
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To kickstart operations and develop initial product offerings.
- Series A
- Amount Raised: ₹1.1B (approximately $13.8M)
- Date: February 2023
- Lead Investors: B Capital, Quona Capital
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To scale operations and expand market presence.
- Series A
- Amount Raised: ₹460M (approximately $5.5M)
- Date: May 2024
- Lead Investors: British International Investment
- Valuation at Round: $71M
- Motivation Behind the Round: To meet working capital requirements and support expansion.
Total Amount Raised: $22.4M. Current Valuation: $71M.
Key Investors
- British International Investment
- Details: British International Investment (BII) is a development finance institution that invests in businesses and projects in emerging markets to promote economic development and improve lives.
- Investment Focus Areas: Infrastructure, financial services, healthcare, agriculture
- Notable Investments: Renewable energy projects, financial institutions, healthcare facilities
- B Capital
- Details: B Capital is a global venture capital firm that invests in growth-stage companies. It partners with entrepreneurs to build innovative businesses and provides strategic support to help them scale.
- Investment Focus Areas: Enterprise technology, fintech, healthcare, consumer enablement
- Notable Investments: Byju's, Atomwise, Evidation Health
- Quona Capital
- Details: Quona Capital is a venture capital firm that invests in fintech companies in emerging markets. It aims to support financial inclusion and improve access to financial services for underserved populations.
- Investment Focus Areas: Digital banking, payments, lending, insurance
- Notable Investments: Konfio, ZestMoney, Creditas
- Avaana Capital
- Details: Avaana Capital is a venture capital firm that invests in early-stage companies with a focus on sustainability and impact. It aims to support businesses that address critical challenges in areas such as climate change, resource efficiency, and social inclusion.
- Investment Focus Areas: Clean energy, sustainable agriculture, water management, waste management
- Notable Investments: Ecolibrium Energy, Intello Labs, Chakr Innovation
- Stellaris Venture Partners
- Details: Stellaris Venture Partners is an early-stage venture capital firm that invests in technology and technology-enabled businesses in India. It partners with entrepreneurs to build market-leading companies.
- Investment Focus Areas: Consumer internet, SaaS, fintech, healthcare
- Notable Investments: Mamaearth, Whatfix, LoadShare
What's Next for Turno?
Turno is poised for significant growth as it expands its commercial electric vehicle marketplace. With the recent infusion of $5.5 million, the company is well-positioned to meet its working capital needs and explore new markets. The ongoing funding round suggests that additional investments are on the horizon, potentially increasing Turno's valuation and market presence.
As the electric vehicle industry continues to attract interest and investment, Turno's focus on sustainable transportation solutions aligns well with current trends. However, the company faces challenges such as financial losses and competition from other EV startups and established automotive companies. Navigating these hurdles will be crucial for Turno's continued success and future fundraising efforts.
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