Commercial electric vehicle platform Turno is set to raise ₹50.01 crore in a pre-Series B funding round, marking a key step in its attempt to scale electric three-wheeler adoption across India’s last-mile transport ecosystem.
The company has approved the issuance of 19,604 pre-Series B compulsorily convertible preference shares (CCPS) at an issue price of ₹25,509 per share, taking the total round size slightly above ₹50 crore. The capital raise has received internal shareholder approval through a special resolution, indicating that the round is firmly underway.
Who is backing the round?
The pre-Series B round brings together a mix of global and growth-stage investors. The largest commitment in the round is ₹20 crore, followed by investments of ₹15 crore, ₹10 crore, and ₹5 crore from other participating funds. Post-allotment, the lead investor is expected to emerge as the single largest external shareholder, while the remaining investors will together hold a meaningful minority stake.
Once the round is completed, Turno’s overall valuation is expected to settle at around ₹490 crore on a post-money basis, based on the pricing of the CCPS. The company has not publicly commented on valuation.
What Turno does?
Founded by Hemanth Aluru and Sudhindra Reddy, Turno operates at the intersection of EV distribution and financing, with a clear focus on electric three-wheelers, a segment critical to urban and semi-urban logistics, passenger mobility, and gig-based delivery services.
The platform works with multiple electric vehicle manufacturers and positions itself as a one-stop solution for operators by combining:
- Vehicle discovery and sales
- Financing and credit access for drivers and fleet owners
- Support for commercial EV adoption
Turno currently has an on-ground presence across Delhi, Telangana, and Maharashtra, markets where electric three-wheelers are seeing steady policy and demand-led traction.
How the funds will be used?
The company plans to deploy the fresh capital toward:
- Expanding its EV marketplace and financing footprint
- Strengthening operations and backend systems
- Supporting working capital needs as volumes scale
The emphasis, according to internal plans, remains on growth execution rather than diversification into unrelated segments.
Funding history and financial context
Including this round, Turno’s total capital raised to date stands at about $28 million. This includes a Series A round closed in early 2023 and an additional raise in mid-2024, both aimed at building distribution depth and financing capability.
On the financial side, Turno reported ₹3.67 crore in revenue in FY24, while losses widened to ₹10.61 crore during the same period. The company has not yet filed its FY25 financials, but the current fundraise suggests an aggressive push to improve scale and unit economics in the coming year.
Competitive environment
Turno operates in a competitive EV ecosystem that includes manufacturers and platforms such as Altigreen, Omega Seiki, Kinetic Green, and Euler Motors. Unlike pure-play OEMs, its differentiated strategy for Turno is to leverage car access and finance, targeting a mass of sensitive commercial operators who generally have trouble accessing upfront capital.
As the focus of the EV policy in India is slowly turning from personal use to commercial adoption, Turno and other such players are positioning themselves as layers of infrastructure for such transitions. This round of funding before their Series B indicates investor confidence in their vision despite their journey of incurring initial startup and marketplace-related costs.
For Turno, the next level will be more a function of execution and less about statements, where it will be measured by greater penetration into current geographies, improved credit performance, and finally unlocking margins in India’s ever-changing ‘electric mobility’ environment.
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