Turno, a Bengaluru-based company specializing in the distribution and financing of commercial electric vehicles (EVs), has raised Rs 46 crore ($5.5 million) from both new and existing investors after a gap of 15 months. According to regulatory filings with the Registrar of Companies (RoC), Turno’s board approved a special resolution to issue 18,057 compulsory convertible preference shares at Rs 25,509 each to secure the funds.
British International Investment contributed Rs 24.94 crore, while existing investors Quona Accion, Stellaris Ventures, and B Capital invested Rs 6.89 crore, Rs 9.27 crore, and Rs 4.95 crore, respectively. The funds will be used for expansion and to meet working capital requirements as determined by the board.
The startup, valued at approximately Rs 587 crore ($71 million) post-money according to TheKredible, may see its valuation change as it continues to raise funds. Stellaris Ventures now holds an 18.68% stake in Turno, with B Capital, Quona Accion, and British International Investment holding 7.70%, 6.54%, and 4.25% stakes, respectively.
Founded by Hemanth Aluru and Sudhindra Reddy, Turno operates as a marketplace for commercial EVs, offering brands like Mahindra & Mahindra, Piaggio, Euler Motors, and Etrio, along with financing options in regions such as Delhi, Telangana, and Maharashtra. Since its inception in 2021, the company has raised about $22.5 million, including $13.8 million from a Series A round in February of the previous year. Turno reported a loss of Rs 27 crore for the fiscal year ending March 2023, with its annual results for FY24 yet to be filed.
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