Turno, an India-based platform for commercial electric vehicle (EV) distribution and financing, has raised $13.8 million in Series A that it could use to build a proprietary battery tech platform that will address issues on end-of-life battery value.
It hopes to help address global concerns on electric vehicle (EV) batteries and e-waste.
Turno’s recent funding round was co-led by global venture capital firms B Capital and Quona Capital and was participated by existing investors Stellaris Venture Partners and Avaana Capital and new investors Alteria Capital and InnoVen Capital.
In a statement, Turno said that its aim to deliver a complete total cost of ownership solution to commercial EV buyers. They also offer a multi-brand selection of vehicles at the lowest prices through its unique EV sales platform in both online and physical stores, the lowest-cost financing, and a guaranteed buy-back value on used batteries backed by its proprietary battery technology.
Turno’s flagship offering lowers the overall ownership costs for customers by 30 percent, compared to the other EV purchasing options that are currently available.
“Today 80 percent to 85 percent of India’s automotive fuel consumption is driven by commercial vehicles with internal combustion engines. Yet, there is a strong desire to transition to a green economy and so, commercial EV adoption holds significant promise,” said Hemanth Aluru, Chief Executive Officer and Co-Founder of Turno.
Founded in January 2022 by Hemanth Aluru and Sudhindra Reddy (ex-Zoomcar Chief Experience Officer), Turno currently operates in five states — Karnataka, Telangana, Tamil Nadu, Delhi NCR, and Maharashtra— and covers major markets in the South, West, and North of India.
Since its inception as a one-stop solution that is designed to improve the accessibility and affordability of commercial electric vehicles in India, the company has captured approximately 20 percent of the market share.
Aluru said that Turno was founded with the mission to convert “gasoline miles” into “electric miles”, giving a significant positive impact on the environment.
The company has identified a massive untapped opportunity to create a proprietary battery technology platform to repurpose EV batteries into a large scale second-life energy storage systems.
This enhances the life-cycle value of batteries and prolongs its usable life, thus avoiding impending environmental disasters such as dumping of used batteries in landfills and creating more toxic e-waste.
Turno’s technology is also the best option to further lower EV ownership costs, making EVs more affordable and accessible to the masses.
In a statement, the company said that customers who purchase EVs through Turno receive a Vehicle Lifecycle Management app, which gamifies and incentivizes users’ driving behavior to prolong battery life. The app also allows a real-time dashboard for consumers to get an update on the guaranteed buyback price for their vehicle’s end-of-life.
The company promises an average of 25 percent to 30 percent, which is higher than the current market buyback. This ensures a complete end-to-end sustainable solution to the core concerns of battery and vehicle lifecycle value in the EV industry.
Sudhindra Reddy, Chief Operating Officer and Co-Founder of Turno, said their endeavor is to make the EV technology equitably available to everyone through business model innovations that can continually bring down the costs of ownership.
Karan Mohla, General Partner of B Capital and head of early stage investments in India & Southeast Asia, said that commercial EV sales are heavily dependent on the availability of attractive financing options. At present, the Indian market is plagued by the lack of truly customer centric options.
Quona Partner Varun Malhotra said that they are impressed with Turno’s progress in making commercial EVs readily available across India with their intentional work in the lifecycle management of EVs and their batteries.
Turno has so far forged multiple national level partnerships with leading 3W electric vehicle manufacturers, including Mahindra & Mahindra, Piaggio, Omega Seiki Mobility and Etrio, to sell their vehicles countrywide.
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