VC Fund Investments
EV startup Turno raises $5.5 M led by BII
Bengaluru-based commercial electric vehicle (EV) distribution and financing startup Turno has raised INR 46 crore (USD 5.5 million) led by British International Investment (BII) along with Quona Accion, Stellaris Ventures, and B Capital. The company will use the funds for expansion and to meet working capital requirements.Turno has allotted 18,057 compulsory convertible preference shares (CCPS) at INR 25,509 each. BII has invested INR 24.94 crore while existing investors and Quona Accion, Stellaris Ventures and B Capital participated with INR 6.89 crore, INR 9.27 crore, and INR 4.95 crore respectively. Turno is valued at around INR 587 crore or USD 71 million post-money.Following the fresh investment, Stellaris Ventures holds 18.68% stake in Turno while B Capital, Quona Accion, and BII have 7.70%, 6.54%, and 4.25% stake, respectively.Founded by Hemanth Aluru and Sudhindra Reddy, Turno is a commercial vehicle marketplace which sells three-wheel EVs such as Mahindra & Mahindra, Piaggio, Euler Motors, and Etrio among others. It also provides financing options across Delhi, Telangana, Maharashtra, etc.The company has raised around USD 22.5 million to date including a USD 13.8 million in its Series A round in February last year. Incorporated in 2021, the company was at pre-revenue during FY23 reporting a loss of INR 27 crore.
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