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Commercial electric vehicle (EV) distribution and financing platform Turno is raising INR 50 crore (about USD 5.5 million) in a pre-Series B funding round led by Stellaris Ventures, with participation from B Capital, Quona Accion Inclusion Fund, and British International Investment (BII).
According to regulatory filings accessed from the Registrar of Companies (RoC), Turno's members approved a special resolution at an extraordinary general meeting to issue 19,604 pre-Series B compulsorily convertible preference shares (CCPS). These shares are priced at INR 25,509 each, taking the total fundraise to INR 50.01 crore.
Among the investors, British International Investment will contribute INR 20 crore, followed by Stellaris Venture Partners with INR 15 crore. B Capital and Quona Accion Inclusion Fund will invest INR 10 crore and INR 5 crore, respectively.
After the completion of the round, Stellaris Venture Partners will hold a 19.49% stake in the company, while B Capital, BII, and Quona will own 8.63%, 7.03%, and 6.79%, respectively.
The company said the fresh capital will be used to support growth and expansion plans, meet operational needs, and fund general corporate purposes.
Founded by Hemanth Aluru and Sudhindra Reddy, Turno operates as a commercial vehicle marketplace focused on electric three-wheelers. It sells EVs from manufacturers such as Mahindra & Mahindra, Piaggio, Euler Motors, and Etrio, and also offers financing solutions. The company currently operates across Delhi, Telangana, and Maharashtra.
With this round, Turno's total funding raised so far stands at around USD 28 million, including USD 13.8 million from its Series A round in February 2023 and USD 5.5 million raised in May last year. Turno faces competition from players such as Altigreen, Omega Seiki, Kinetic Green, and Euler Motors.
This article was originally published by the 
