India-based Turno, which provides loans to buy electric vehicles, has reportedly raised $13.8m for its Series A funding round.
B Capital and Quona Capital served as the lead investors to the round, according to a report from VCCircle. Other commitments came from existing investors Stellaris Venture Partners and Avaana Capital, as well as first-time backers Alteria Capital and InnoVen Capital.
With the capital, Turno hopes to bolster its technology and scale its operations.
This investment comes shortly after the company raised $3.1m in funding to support its launch out of stealth. The company had been operating in stealth from April 2022 and launched publicly in July.
Investors to the round included Stellaris Venture Partners, Avaana Capital and multiple angel investors.
Turno is a lender to help individuals buy electric vehicles for their business. It offers a variety of financing options, with instant approvals and buy back guarantees.
Turno co-founder Hemanth Aluru told VCCircle, “Today 80-85% of India’s automotive fuel consumption is driven by commercial vehicles with internal combustion engines. Yet, there is a strong desire to transition to a green economy and so, commercial EV adoption holds significant promise. Turno was founded with the mission to convert these ‘gasoline miles’ into ‘electric miles’, having a significant positive impact on the environment.”
The company currently operates across five states in India, Karnataka, Telangana, Tamil Nadu, Delhi-NCR and Maharashtra.
It claims to have captured around a 20% share of the commercial electric vehicles market.
FinTech deal activity in India dropped by 18% in 2022, following a slow Q4, data from FinTech Global shows. There were 374 FinTech deals during 2022, with a total of $6bn raised. Total funding volume also dipped in 2021, representing a drop of 36%.
The final quarter of 2022 saw deal activity significantly slow, with a 36% dip compared to Q1.
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