Bengaluru-based commercial electric vehicle (EV) distribution and financing startup Turno has successfully raised Rs 46 crore ($5.5 million) from new and existing investors, marking its first capital infusion in 15 months. The board at Turno passed a special resolution to allot 18,057 compulsory convertible preference shares at an issue price of Rs 25,509 each, according to regulatory filings accessed through the Registrar of Companies (RoC).
The latest funding round was led by British International Investment (BII), which invested Rs 24.94 crore. Existing investors Quona Accion, Stellaris Ventures, and B Capital also participated, contributing Rs 6.89 crore, Rs 9.27 crore, and Rs 4.95 crore, respectively. The newly acquired funds will be utilized for expansion and to meet working capital requirements as determined by the board.
Startup data intelligence platform TheKredible estimates Turno’s post-money valuation to be around Rs 587 crore ($71 million). The round appears to be ongoing, indicating the potential for further investment, which could alter the company’s valuation.
Following this investment, Stellaris Ventures holds an 18.68% stake in Turno, while B Capital, Quona Accion, and British International Investment hold 7.70%, 6.54%, and 4.25% stakes, respectively.
Turno, founded by Hemanth Aluru and Sudhindra Reddy, operates as a commercial vehicle marketplace, offering three-wheel EVs from manufacturers such as Mahindra & Mahindra, Piaggio, Euler Motors, and Etrio. Additionally, Turno provides financing options across regions including Delhi, Telangana, and Maharashtra.
To date, Turno has raised approximately $22.5 million, including $13.8 million from its Series A round in February last year. Founded in 2021, the company was pre-revenue during the fiscal year ending March 2023 and reported a loss of Rs 27 crore for the same period. The annual results for FY24 are yet to be filed.
This latest funding round underscores investor confidence in Turno’s potential to expand its market presence and enhance its financial capabilities, positioning the startup for significant growth in the burgeoning EV sector.
Source: Entrackr
