Turno Secures Rs 50 Crore in Funding for Electric Vehicle Growth
Turno, a platform focused on the distribution and financing of commercial electric vehicles (EVs), is set to raise Rs 50 crore, equivalent to $5.5 million, in its pre-Series B funding round. This investment comes from Stellaris Ventures, alongside participation from B Capital, Quona Accion Inclusion Fund, and British International Investment.
Funding Details
During an extraordinary general meeting, Turno’s members have approved a special resolution to issue 19,604 pre-Series B compulsorily convertible preference shares (CCPS) at an issue price of Rs 25,509 per share. This amounts to a total fundraising figure of Rs 50.01 crore, as noted in documentation obtained from the Registrar of Companies (RoC).
Investor Contributions
Among the existing investors, British International Investment plans to contribute Rs 20 crore, while Stellaris Venture Partners will invest Rs 15 crore. B Capital and Quona will respectively invest Rs 10 crore and Rs 5 crore. According to Startup Superb’s evaluations, Turno is anticipated to achieve a valuation of approximately Rs 492 crore, or $55 million, following this funding round.
Usage of Funds
The new capital will be directed towards supporting Turno’s growth objectives and expansion initiatives, addressing operational needs, and funding general corporate activities. After this pre-Series B round, Stellaris Venture Partners is projected to have a 19.49% stake in Turno, with B Capital, British International Investment, and Quona Accion Investment holding 8.63%, 7.03%, and 6.79% of the company, respectively.
Company Background
Established by Hemanth Aluru and Sudhindra Reddy, Turno serves as a marketplace for commercial vehicles, specifically focusing on three-wheeled electric vehicles (EVs) from brands like Mahindra & Mahindra, Piaggio, Euler Motors, and Etrio, among others. The company also offers financing options across regions including Delhi, Telangana, and Maharashtra.
Previous Funding and Financials
To date, Turno has secured approximately $28 million in total funding, which includes the recent $5.5 million raised in May of the previous year and $13.8 million during the Series A funding round in February 2023. The company has yet to present its financial statements for FY25. For the fiscal year ending March 2024, Turno reported Rs 3.67 crore in revenue while experiencing an 18.5% increase in losses, totalling Rs 31.87 crore.