Get All Access for $5/mo

Commercial EV Startup Turno Raises $3.1 Million At the current rate of growth, the company claims that it expects to be the largest seller of electric vehicles in the country by August 2022

By Teena Jose

Opinions expressed by Entrepreneur contributors are their own.

You're reading Entrepreneur India, an international franchise of Entrepreneur Media.

Company handout

Turno, a commercial EV startup that has been operating in stealth mode, has raised $3.1 million in new equity financing. The funding round was led by Stellaris Venture Partners, along with Avaana Capital.

"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 to 85 per cent of the entire fuel consumption in the country and our mission is to replace all diesel miles in the 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," said Hemanth Aluru, co-founder and CEO, Turno.

With a team of 60 people, Turno has doubled its sales volumes every month since its inception. Over the next 1 to 2 months, the company plans to launch its operations in Maharashtra, Tamil Nadu, Andhra Pradesh, Telangana, Gujarat and NCR. Turno has already captured a 75 per cent 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, the company claimed in a statement.

"Electric vehicles will reshape the automotive, mobility and energy industries. They are no longer part of some distant future, with the transition to electric increasingly visible with each passing day. The team Turno have leveraged their strong understanding of the automotive market and the EV ecosystem to create a compelling offering for the end buyer. In a short period of time, Turno has captured significant market share and enabled many fleet owners to go electric. We are excited to partner with them, and are confident that Turno will catalyze the move to electric for many more people in the years to come," said Arpit Maheshwari, Stellaris Venture Partners.

Founded in April 2022, Turno's unique model enables the retail segment and SMEs, which constitutes 90 per cent of commercial vehicles in India, to switch to electric vehicles. As per company statement, Turno's customers come from a diverse use case mix including small FMCG distributors, vegetable and fruit sellers, manufacturing units, garment distributors, water can suppliers among others.

Teena Jose

News Desk Reporter with Entrepreneur India

Teena is a post graduate in financial journalism. She has an avid interest in content creation, digital media and fashion.
News and Trends

"45% of All Ongoing Hydropower Projects in India are Ours": Patel Engineering

Patel Engineering reported a turnover of INR 4,400 crore in the last fiscal year, with a projected 10 per cent growth for the current year.

Side Hustle

'Hustling Every Day': These Friends Started a Side Hustle With $2,500 Each — It 'Snowballed' to Over $500,000 and Became a Multimillion-Dollar Brand

Paris Emily Nicholson and Saskia Teje Jenkins had a 2020 brainstorm session that led to a lucrative business.

Living

70% of Small Business Owners Experience Monthly Burnout. Follow These 3 Rules to Avoid the Same Fate.

Here are three guidelines to help entrepreneurs achieve balance, growth and success in both their professional and personal endeavors.

Business News

Former Steve Jobs Intern Says This Is How He Would Have Approached AI

The former intern is now the CEO of AI and data company DataStax.