VC Fund Investments
EV-focused credit app Turno raises $3-M from Stellaris, Avaana
Bengaluru-based fintech player Turno has raised USD 3.1 million in a seed funding round led by Stellaris Venture Partners and Avaana Capital. The round also saw participation from angel investors such as BigBasket's Vipul Parekh, Darwinbox's Jayant Paleti and Zestmoney's Lizzie Chapman, Dhyanesh Shah of Mosaic Wellness, Matilde Giglio of Even, Rohit Bhat of Airavat Capital, Eight Roads' Aditya Systla, Speciale Invest's Arjun Rao, Bala Parthasarathy of Freo Money, Archit Gupta of Clear, Urban Ladder's Ashish Goel, Kunal Khattar of Advantedge, Priyamvada Sharma and the Goenka Family Office. The startup enables small and medium-sized enterprises (SMEs) and individuals to select the right EVs for their needs and then provides financing via its credit app to enable users to buy them. Turno is primarily focused on three-wheeler markets. Turno will use the funding to ramp up its technology vertical and expand footprint. The startup plans to expand to 5-6 other cities in the next one month. It will also use the funds to shore up hiring in tech and marketing verticals.
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