EV startup Turno raised $3.1 M in equity funding round
Jul 6, 2022
Commercial electric vehicle (EV) company Turno, located in India, has secured US $3.1 million in an equity fundraising round headed by Stellaris Venture Partners with participation from Avaana Capital. Coming out of cover, Turno claimed to have a market share of roughly 75% in the three-wheeler retail freight industry in Bangalore. A number of well-known original equipment manufacturers, including Piaggio, Omega Seiki Mobility, Mahindra, and Etrio, have cooperated with the company. By August, the business anticipates dominating the EV market in India. Turno makes switching to EVs more feasible for retail companies, which account for 90% of India’s commercial cars. Although freight EVs are widely used, the retail sector has been slow to adopt them; businesses there still spend 40% of their monthly profits on fuel. The company’s current clients include production facilities, clothing wholesalers, water can providers, FMCG suppliers, and vendors of fresh produce and vegetables. Customers may now download a beta version of the company’s app, which offers immediate feedback on battery performance and makes recommendations for extending battery life. Turno claims that since the beginning, its monthly sales volumes have doubled. In the next months, Turno plans to expand into additional Indian states including Andhra Pradesh, Maharashtra, Tamil Nadu, Telangana, Gujarat, and the National Capital Region.