PE Fund Investments
Commercial EV platform Turno raises $13.8 M led by B Capital, Quona Capital
Turno, a Bengaluru-based platform for commercial electric vehicle (EV) distribution and financing, has raised USD 13.8 million in Series A funding co-led by B Capital and Quona Capital. Existing investors Stellaris Venture Partners and Avaana Capital along with new investors Alteria Capital and InnoVen Capital also participated in the round. The firm will use the capital raised to build a proprietary battery technology platform that would help repurpose EV batteries to large-scale energy storage systems. Co-founded by Hemanth Aluru (CEO) and Sudhindra Reddy (COO), Turno sells EVs manufactured by different brands online through its platform as well as in the form of physical stores besides providing financing options and buy-back of used batteries. It operates in Karnataka, Telangana, Delhi-NCR, Tamil Nadu and Maharashtra.
From the Venture Intelligence PE-VC Deal Database: Earlier in Feb-22, Turno raised about USD 3 million in seed funding led by Stellaris Venture and participation from Avaana Capital. (Subscribers to the database can login to view the valuation, deal structuring and other transaction details.)
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