Turno, a first-of-its kind startup in the commercial EV segment that has been operating in stealth mode since April 2022, has announced that it has raised USD 3.1 million in new equity financing. The investment was led by Stellaris Venture Partners, along with Avaana Capital.
Within just two months of its operations, Turno has already captured 75% market share in the retail cargo 3W segment in Bangalore and has forged partnerships with leading 3W electric OEMs like Mahindra, Piaggio, Omega Seiki Mobility, Etrio and more. At the current rate of growth, Turno expects to be the largest seller of electric vehicles in the country by August 2022.
Commenting on the investment, Hemanth Aluru, Co-Founder and CEO Turno, stated, “At Turno, we envision the future of Indian transportation to be completely electric with zero dependence on fossil fuels. Today, commercial vehicles constitute about 80-85% of the entire fuel consumption in the country and our mission is to replace all diesel miles in commercial vehicles with electric miles. We are excited to have investors, who are amongst the few to understand the nuances of EV investments and share our deep passion for accelerating India’s transition to green mobility.”