Commercial EV-focused fintech startup Turno raised $13.8 million in Series A co-led by global venture capital firms B Capital and Quona Capital where existing investors Stellaris Venture Partners and Avaana Capital and new investors Alteria Capital and InnoVen Capital also participated.
Turno provides financing options for SMEs and individuals looking to purchase used commercial three-wheeler electric vehicles. The startup assists SMBs and individuals in selecting an appropriate commercial EV and then enables them to purchase the electric vehicle by providing credit via its Turno credit app. The startup intends to use the new funding to expand its electric vehicle distribution platform across India and to provide used battery solutions to address EV users’ pressing concerns. The startup claims to provide low-cost financing as well as a guaranteed buy-back value for used EV batteries. It claims to have captured nearly 20% of India’s commercial EV market.
