Commercial EV Startup Turno raises $3.1 million in funding from Stellaris Venture Partners
Commercial electric vehicle startup Turno has raised $3.1 million in funding led by Stellaris Venture Partners and Avaana Capital. Angel investors such as BigBasket’s Vipul Parekh, Urban Ladder's Ashish Goel, and the Goenka Family Office were the other participants.
Launched two months ago in Bengaluru, Turno operates in the retail cargo three-wheeler (3W) segment and claims to have already captured 75% of the market share. It has partnered with leading 3W electric original equipment manufacturers (OEMs) such as Mahindra, Piaggio, and Etrio, among others.
“At Turno, we envision the future of transportation to be electric, with zero dependence on fossil fuels. Today, commercial vehicles constitute about 80-85% of the entire fuel consumption in the country and we want to replace the diesel miles in them with electric miles,” said Hemanth Aluru, cofounder and CEO of Turno.
With the capital infusion, Turno aims to come out of the stealth mode and expand across Maharashtra, Tamil Nadu, Andhra Pradesh, Telangana, Gujarat, and the NCR over the upcoming months.
The company, which has doubled its sales volumes every month since its launch, expects to become the country's largest seller of electric vehicles by August 2022.
Launched two months ago in Bengaluru, Turno operates in the retail cargo three-wheeler (3W) segment and claims to have already captured 75% of the market share. It has partnered with leading 3W electric original equipment manufacturers (OEMs) such as Mahindra, Piaggio, and Etrio, among others.
“At Turno, we envision the future of transportation to be electric, with zero dependence on fossil fuels. Today, commercial vehicles constitute about 80-85% of the entire fuel consumption in the country and we want to replace the diesel miles in them with electric miles,” said Hemanth Aluru, cofounder and CEO of Turno.
With the capital infusion, Turno aims to come out of the stealth mode and expand across Maharashtra, Tamil Nadu, Andhra Pradesh, Telangana, Gujarat, and the NCR over the upcoming months.
The company, which has doubled its sales volumes every month since its launch, expects to become the country's largest seller of electric vehicles by August 2022.
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