Commercial electric vehicle (EV) startup Turno announced that it has raised USD 3.1 million in new equity funding round led by Stellaris Venture Partners, along with Avaana Capital, according to ETAuto report.
Launched in April 2022 in Bengaluru, Turno claims to have captured 75% market share in the retail cargo three-wheeler segment in the city and has forged partnerships with leading 3W electric OEMs like Mahindra, Piaggio, Omega Seiki Mobility, Etrio and others, a statement said.
“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 among the few to understand the nuances of EV investments and share our deep passion for accelerating India’s transition to green mobility,” Hemanth Aluru, Co-founder and CEO Turno, said.
“In a short period, Turno has captured significant market share and enabled many small fleet owners to go electric. We are excited to partner with them, and are confident Turno will catalyze the move to electric for many more people in the years to come,” Arpit Maheshwari, Stellaris Venture Partners, said.
Currently, Turno has a team of 60 people and it has launched its operations in Maharashtra, Tamil Nadu, Andhra Pradesh, Telangana, Gujarat, and NCR.
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