Turno, an India-based electric vehicle (EV) distribution and financing company, has raised $6 million as an extension to its Series-A funding.

The round was co- led by British International Investment (BII), the United Kingdom’s development finance institution and impact investor, Quona Capital, Stellaris Venture Partners and B Capital, Turno said in a statement on Thursday.

According to the statement, this funding will propel Turno’s mission to redefine the electric vehicle landscape by growing the existing business and launching new business lines to improve access and the infrastructure of commercial EVs.

To date, Turno has secured a total funding amount of $22.9 million, fueling its expansion efforts and enabling the introduction of new, pioneering solutions in EV finance.

Set up in April 2022 by former Zoomcar’s C-level executives Hemanth Aluru and Sudhindra Reddy, the Bengaluru-based EV startup offers financing solutions to small and medium-sized enterprises (SMEs) and individuals that plan to buy commercial three-wheeler EVs.

“We are committed to democratizing EV technology through innovative business models that drive down ownership costs,

“This approach is critical for the success of India’s EV mission. With this funding, we aim to accelerate the adoption of EVs for a wider audience,” said Hemanth Aluru, Chief Executive Officer of Turno.

It is noted that Turno’s proprietary battery technology platform is at the core of Turno’s offerings, providing customers with guaranteed buyback value on used EV batteries.

Already, Turno’s comprehensive solutions are reshaping the market landscape, offering the lowest total cost of ownership and a guaranteed buyback within three years, making it the go-to destination for anyone considering the switch to commercial EVs.

“Backing local entrepreneurs to solve development challenges, including the impact of climate change is a key priority for BII in India,” said Abhinav Sinha, Managing Director and Head of Technology and Telecoms at BII.

“Turno’s innovative business model, lower cost offering and novel efforts at repurposing EV batteries will help attract more people and businesses to adopt commercial EVs,

“This aligns with our approach to invest in climate-related innovations that tackle bottlenecks for EV adoption and achieve the de-carbonization goals of India,” he added.

Varun Malhotra, Partner at Quona Capital, said that Turno’s dedication to revolutionizing the accessibility of EV technology by providing financial reliance resonates perfectly with Quona Capital’s mission to back forward-thinking ventures that drive inclusive growth.

“With their profound expertise in EV solutions and regulatory landscape, Turno is poised for remarkable success, and we’re eager to accompany them on this transformative journey,” he added.

According to the statement. Turno’s innovative EV distribution and financing platform offers a seamless transition to electric vehicles.

With Turno, buyers can access a wide array of top original equipment manufacturer (OEM) brands and EV models and best-in-market financing solutions.

Its unique EV sales platform, featuring both online and physical stores, ensures accessibility and convenience for customers.

With its innovative platform and commitment to affordability and accessibility, Turno said it has facilitated the adoption of commercial electric vehicles among SMEs, distributors, logistics firms, and e-commerce operators across India.

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