Commercial EV platform Turno raises $13.8 M to expand operations; repurpose batteries
Indian commercial EV distribution and financing services platform Turno has recently announced a $13.8 million (₹ 112 crores) series A funding. as it scales up its operations across the country and plans to build proprietary battery technology to repurpose EV batteries into large scale second-life energy storage systems.
Founded in 2022, Turno is a unique platform that delivers a complete total cost of ownership solution to commercial EV buyers. It offers a multi-brand selection of vehicles at the lowest prices through its unique EV sales platform (with both online and physical stores), the lowest-cost financing, and a guaranteed buy-back value on used batteries backed by its proprietary battery technology.
The company claims that Turno's flagship offering lowers the overall ownership costs for customers by 30 percent when compared to other EV purchasing options available today. It is currently operational in five states of Karnataka, Telangana, Tamil Nadu, Delhi NCR, and Maharashtra, capturing approximately 20 percent market share.
"Today 80-85 percent 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" said Hemanth Aluru, Co-Founder and CEO of Turno.
Turno plans to use the funding to build a proprietary battery tech platform to address issues around end-of-life battery value, amid global concerns around EV batteries and e-waste. This would significantly enhances the life-cycle value of batteries and prolongs their usable life avoiding impending environmental disasters such as dumping used batteries in landfills and creating more toxic e-waste.
Further, the company believes that the new technology is the best bet to further lower EV ownership costs, thereby making EVs more affordable and accessible to the masses. Customers who purchase EVs through Turno receive a Vehicle Lifecycle Management app, which gamifies and incentivizes users' driving behavior to prolong battery life.
The app offers a real-time dashboard for consumers to know their guaranteed buyback price for their vehicle's end-of-life. The company promises an average 25-30 percent higher buyback than the market, ensuring a complete end-to-end sustainable solution to the core concerns of battery and vehicle lifecycle value in the EV industry, according to Turno.
Sudhindra Reddy, Co-Founder and COO of Turno opined, "Our endeavor is to make the EV technology equitably available to everyone through business model innovations that can continually bring down the costs of ownership. We believe this is the only way to make India's EV mission successful."
The company has forged multiple national level partnerships with leading E3W manufacturers in the country including Mahindra & Mahindra, Piaggio, Omega Seiki Mobility and Etrio, to sell their vehicles in its platform. It has also made new personnel appointments across battery technology, brand, growth and operations.