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[FUNDING NEWS] India-Based Turno Secures $5.5 Million in Funding

Turno, a business that distributes and loans commercial electric vehicles, has raised $5.5 million from new and current participants.

Turno, a business that distributes and loans commercial electric vehicles, has raised $5.5 million from new and current participants.

As per the paperwork, the organisation plans to utilise this money for expansion and working capital needs, as decided by the board.

Read also – Singapore-Based AVPN Secures $15 Million in Artificial Intelligence Opportunity Fund

British International Investment invested Rs 24.94 crore in addition to the present investors Quona Accion, Stellaris Ventures, and B Capital, who contributed 6.89 crore, 9.27 crore, and 4.95 crore, respectively.

In order to raise Rs 46 crore, it’s board authorised a special resolution to allot 18,057 obligatory convertible preference shares at an issue price of Rs 25,509 each.

Read also – India-Based Zypp Electric Secures $14 Million in Series C Funding

Three-wheel electric vehicles (EVs) from manufacturers like Mahindra & Mahindra, Piaggio, Euler Motors, and Etrio are available on Turno, a marketplace for commercial cars.

Turno is estimated to be worth $71 million, or roughly Rs 587 crore, post-money. Since the investment round looks to be continuous, the company will likely raise more money, which will change how much it is worth.

About Turno

Turno is an electric vehicle firm that helps commercial vehicle operators switch to electric cars. It was founded in 2022 by Hemanth Aluru and Sudhindra Reddy Pidapa.

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