Turno Secures $5.5 Million in Pre-Series B Funding for Electric Vehicle Expansion
Turno, a burgeoning commercial electric vehicle (EV) distribution and financing platform, has successfully secured Rs 50 crore (approximately $5.5 million) in its pre-Series B funding round. The investment round saw participation from notable investors such as Stellaris Ventures, B Capital, Quona Accion Inclusion Fund, and British International Investment (BII).
Investment Details and Share Issuance
During an extraordinary general meeting, Turno’s members approved a special resolution to issue 19,604 pre-Series B compulsorily convertible preference shares (CCPS) at an issue price of Rs 25,509 per share, thereby raising a total of Rs 50.01 crore. This information was unveiled in the company’s regulatory filings available through the Registrar of Companies (ROC).
As part of this funding round, existing investor British International Investment will contribute Rs 20 crore, while Stellaris Venture Partners will invest Rs 15 crore. Additionally, B Capital will provide Rs 10 crore, and Quona Accion Fund will invest Rs 5 crore.
Valuation and Future Plans
Following this financing round, Turno is projected to have a valuation of around Rs 492 crore (approximately $55 million), as estimated by Entrackr. The newly acquired capital will facilitate the company’s expansion strategies, address operational needs, and support general corporate activities.
Stake Distribution Post-Investment
Once the pre-Series B funding round is complete, Stellaris Venture Partners will hold a 19.49% stake in Turno. Other stakeholders will include B Capital with 8.63%, British International Investment at 7.03%, and Quona Accion Fund with 6.79% of the company.
About Turno: Innovating Electric Vehicle Marketplaces
Founded by Hemanth Aluru and Sudhindra Reddy, Turno is revolutionizing the commercial vehicle marketplace by offering a comprehensive range of electric three-wheelers from manufacturers such as Mahindra & Mahindra, Piaggio, Euler Motors, and Etrio. The company also provides financing solutions across regions like Delhi, Telangana, and Maharashtra.
Funding History and Financial Performance
To date, Turno has raised approximately $28 million across multiple funding rounds, including the recent $5.5 million in May and $13.8 million in its Series A round earlier in February 2023. However, the company is yet to submit its financial statements for FY25. For the financial year ending March 2024, Turno reported a turnover of Rs 3.67 crore, with losses rising by 18.5% to reach Rs 31.87 crore.
The Road Ahead for Turno
With the successful completion of its pre-Series B funding round, Turno is poised for significant growth in the electric vehicle sector. By leveraging new capital and strategic partnerships, the company aims to solidify its position as a leader in the commercial EV marketplace while enhancing its operational capabilities.