Turno Secures $5.5 Millon to Scale EV Financing Platform
- Raises $5.5 Million (Rs 50 Crore) in pre-Series B funding to drive expansion and strengthen core operations
- Stellaris Ventures leads the round, with participation from B Capital, Quona Accion Inclusion Fund, and British International Investment (BII)
- Post-money valuation estimated at $55 Million, reflecting strong investor confidence in Turno’s EV-focused fintech model
EV-focused fintech startup Turno is raising $5.5 million (Rs 50 crore) in its pre-Series B funding round to strengthen its growth and expansion plans. The round is led by Stellaris Venture Partners, with participation from existing and new investors including B Capital, Quona Accion Inclusion Fund, and British International Investment (BII).
According to regulatory filings accessed from the Registrar of Companies (RoC), Turno’s shareholders approved the issuance of 19,604 compulsorily convertible preference shares (CCPS) at an issue price of Rs 25,509 per share, bringing the total raise to Rs 50.01 crore.
In terms of contribution, British International Investment will invest Rs 20 crore, followed by Stellaris Ventures with Rs 15 crore. B Capital and Quona will invest Rs 10 crore and Rs 5 crore, respectively. Post this round, Turno is expected to be valued at around Rs 492 crore ($55 million) on a post-money basis.
After the funding, Stellaris Venture Partners will hold a 19.49 percent stake in the company. B Capital, BII, and Quona Accion will own 8.63 percent, 7.03 percent, and 6.79 percent, respectively.
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Founded by Hemanth Aluru and Sudhindra Reddy, Turno operates a marketplace for commercial electric vehicles, primarily focusing on three-wheeler EVs. The platform sells vehicles from brands such as Mahindra & Mahindra, Piaggio, Euler Motors, and Etrio, while also offering financing solutions to EV buyers across Delhi, Telangana, and Maharashtra.
So far, Turno has raised nearly $28 million, including $13.8 million in its Series A round in February 2023. For FY24, the company reported Rs 3.67 crore in revenue, while losses increased 18.5 percent to Rs 31.87 crore. The startup is yet to file its FY25 financial results.
