Commercial Ev Financing Startup Turno Raises $13.8 Million In Funding Led By B Capital, Quona Capital

Commercial electric vehicle (EV) distribution and financing platform Turno has raised $13.8 million (about Rs 112 crore) in funding led by venture capital firms B Capital and Quona Capital. Existing investors Stellaris Venture Partners and Avaana Capital participated in the funding round, which also brought on board new investors Alteria Capital and InnoVen Capital.The company, which claims to have a 20% market share in its segment, plans to utilise the funds to expand operations and build a proprietary battery tech platform to address issues around end-of-life battery value amid global concerns around EV batteries and e-waste.“Today, 80-85% of India’s automotive fuel consumption is driven by commercial vehicles with internal combustion engines,” said Turno chief executive officer Hemanth Aluru. “Yet, there is a strong desire to transition to a green economy and so, commercial EV adoption holds a significant promise. Turno was founded with the mission to convert these ‘gasoline miles’ into ‘electric miles’, having a significant positive impact on the environment.”Turno aims to use its proprietary technology to repurpose EV batteries into large-scale second-life energy storage systems