Stellaris & Avana Capital have confirmed to invest $3.1mn for commercial EV startup Turno with sigificant growth of its presence in the retail cargo 3W segment in Bangalore by inking partnerships with leading 3W electric OEMs like Mahindra, Piaggio, Omega Seiki Mobility, Etrio and more.
Turno’s unique model enables the retail segment - individuals and SMEs to loowers the overall cost of ownership by 50% through its vast selection of vehicles at lowest prices, lowest down payments and interest rates, and 30% higher than market resale value guarantees to customers.
Hemanth Aluru, Co-Founder and CEO Turno," Our success lies due to the diverse backgrounds of our management team and we are doubling our sales volumes every month since its inception."
The company plan to enter Maharashtra, Tamil Nadu, Andhra Pradesh, Telangana, Gujarat, and NCR regionsand use the the capital infusion for bettterment of its proprietary battery technology informed Sudhindra Reddy, Co-founder and COO Turno.
Turno has captured significant market share and enabled many small fleet owners to go electric. We are excited to partner with them, and are confident Turno will catalyze the move to electric for many more people in the years to come.”
As part of its customer offering, Turno has launched a beta version of its customer app which provides instant feedback to customers on how their battery is performing and actively suggests changes in their vehicle usage behavior to extend the battery life.
Some of the well known angel investors who are comitted to Turnos growth story included Co Founder of Big Basket Vipul Parekh Ashish Goel of Urban Ladder and the Goenka Family Office of the Indian Express besides several other investor
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