In a significant move highlighting the burgeoning potential of commercial electric vehicles (EVs) in India, Turno, a leading commercial EV financing startup, has secured a fresh funding of INR 46.06 crore ($5.5 million). This latest round of funding, led by British International Investment (BII), the UK government’s development finance institution, marks a crucial milestone in Turno’s journey towards expanding its operations and consolidating its position in the EV financing sector.
The funding round witnessed participation from a stellar lineup of investors, including Stellaris Venture Partners, B Capital, Quona Capital, and Accion Venture Lab. Notably, this round seems to be an extension of Turno’s Series A round, which saw the company raise $13.8 million from B Capital and Quona Capital last year.
Turno, founded in 2022 by former executives of Zoomcar, Hemanth Aluru, and Sudhindra Reddy, has emerged as a pivotal player in the commercial EV marketplace. Specializing in the sale of used three-wheeler EVs from renowned brands such as Mahindra & Mahindra, Piaggio, Euler Motors, and more, Turno offers comprehensive financing solutions to its customers across multiple states in India.
With a focus on accessibility and affordability, Turno facilitates easy access to EV financing, requiring a minimal down payment of INR 49,999 and offering a fixed interest rate of 10.5%. The company operates through both online and physical stores, catering to customers in key markets such as Karnataka, Delhi, Telangana, Maharashtra, Tamil Nadu, and Gujarat.
In a market poised for exponential growth, Turno’s strategic expansion plans align perfectly with the soaring demand for electric vehicles in India. Valued at $34.8 billion, the Indian EV market is projected to witness a staggering CAGR of 22.92% and reach $120 billion by 2030, according to a report by Mordor Intelligence.
The latest funding infusion underscores investor confidence in Turno’s innovative business model and its potential to capitalize on the burgeoning EV market in India. With a robust financial backing and a clear strategic roadmap, Turno is well-positioned to spearhead the transition towards sustainable mobility solutions, driving India towards a greener and more sustainable future.
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