EV-Focused Fintech Startup Turno Plans $5.5 Mn Pre-Series B Fundraise

As per Entrackr report, Turno, a commercial electric vehicle (EV) distribution and financing platform plans to raise ₹50 crore ($5.5 million) in its pre-Series B funding round from Stellaris Ventures, B Capital, Quona Accion Inclusion Fund, and British International Investment (BII). 

Details of the Funding Round 

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 ₹25,509 per share, amounting to a total of ₹50.01 crore.  

The funding round to be led by British International Investment, contributing ₹20 crore, followed by Stellaris Venture Partners with ₹15 crore. B Capital and Quona Accion Inclusion Fund invested ₹10 crore and ₹5 crore, respectively. 

Company Valuation and Stake Distribution 

As per report, with this fresh infusion of capital, Turno's post-money valuation is estimated to be around ₹492 crore ($55 million). Following the completion of this funding round, Stellaris Venture Partners will hold a 19.49% stake in Turno.  

Meanwhile, B Capital, British International Investment, and Quona Accion Inclusion Fund will have stakes of 8.63%, 7.03%, and 6.79%, respectively. 

Read More: PE/VC Investments Surges 31% to $5.6 Billion in November 2025: Report! 

About Turno 

Founded by Hemanth Aluru and Sudhindra Reddy, Turno operates as a commercial vehicle marketplace, specialising in the sale of 3-wheel EVs from manufacturers like Mahindra & Mahindra, Piaggio, Euler Motors, and Etrio. The company also offers financing solutions across regions such as Delhi, Telangana, and Maharashtra. 

Financial Performance 

To date, Turno has raised approximately $28 million, including $5.5 million in May of the previous year and $13.8 million in its Series A round in February 2023.  

For the fiscal year ending March 2024, Turno reported revenue of ₹3.67 crore, with losses increasing by 18.5% to ₹31.87 crore. 

Conclusion 

Turno's funding round to be marked as a significant step in its journey, with the company plans to secure $5.5 million to bolster its growth and operational capabilities. The involvement of prominent investors underscores the potential seen in Turno's business model and market approach. 

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