Founded in April 2022 by ex-Zoomcar executives Hemanth Aluru and Sudhindra Reddy, Bengaluru’s Turno offers financing for SMEs and individuals purchasing commercial three-wheeler electric vehicles.
Turno, a Bengaluru-based startup specializing in electric vehicle distribution and financing, recently secured $6 million in funding from the impact investor British International Investment (BII) and venture capitalists Quona Capital, Stellaris Venture Partners, and B Capital. Launched in April 2022 by former Zoomcar executives Hemanth Aluru and Sudhindra Reddy, Turno provides financial solutions to small and mid-sized businesses and individuals aiming to purchase commercial three-wheeler electric vehicles. According to Aluru, who also serves as CEO, this new capital will facilitate the expansion of Turno’s services to additional cities and help the company venture into larger vehicle categories.
In addition to its financing services, Turno is exploring collaborations with energy storage firms to repurpose the batteries from its three-wheeler vehicles after a set period. The company’s unique battery technology platform offers a guaranteed buyback value for used EV batteries, supporting the lifecycle management of these components.
Having expanded into the three-wheeler cargo sector in 2022 and the passenger segment in 2023, Turno collaborates with several manufacturers including Euler Motors, Montra Electric, Mahindra Electric, Piaggio, Greaves, Altigreen, and Bajaj. Aluru emphasizes that Turno is committed to making electric vehicle technology more accessible through innovative business models that reduce ownership costs, a crucial factor for advancing India’s electric vehicle initiatives. He hopes that the recent funding will accelerate the broader adoption of EVs.
Abhinav Sinha, managing director and head of technology and telecoms at BII, praised Turno’s business strategy, noting that its efforts to lower costs and repurpose EV batteries play a significant role in encouraging the uptake of commercial EVs. This strategy is in line with BII’s investment focus on climate innovation and removing barriers to electric vehicle adoption to support India’s decarbonization goals. Following this funding round, Turno has accumulated a total of $22.9 million in investments.
