What is Turno?
Founded in 2022 and headquartered in Karnataka, India, Turno operates at the intersection of financial technology and green energy. The company provides specialized financing solutions tailored for commercial electric vehicle ownership, effectively lowering the barrier to entry for small-to-medium enterprises and individual fleet operators. By integrating proprietary credit assessment models with a deep understanding of the EV lifecycle, Turno addresses the unique financial risks associated with battery-powered commercial assets. This market position allows the firm to capture significant value in a rapidly digitizing logistics landscape, where the demand for cost-effective, sustainable transport solutions is reaching an inflection point.
How much funding has Turno raised?
Turno has raised a total of $22.9M across 3 funding rounds:
Unspecified
$3.1M
Series A
$13.8M
Series A
$6M
Unspecified (2022): $3.1M, investors not publicly disclosed
Series A (2023): $13.8M led by Avaana Capital, B Capital Group, Alteria Capital, Stellaris Venture Partners, Innoven Capital, and Quona Capital
Series A (2024): $6M supported by B Capital Group, Quona Capital, Stellaris Venture Partners, and British International Investment
Key Investors in Turno
B Capital Group
B Capital is a global venture capital firm that focuses on empowering entrepreneurs by investing in early and late-stage companies within the Technology, Healthcare, and Climate sectors.
Quona Capital
Quona Capital is a venture firm focused on fintech for inclusion in emerging markets, supporting companies that promote breakthrough innovation in financial services.
Stellaris Venture Partners
Stellaris Venture Partners is an early-stage, technology-focused investment firm committed to supporting founders in building resilient businesses from the ideation stage to revenue milestones.
What's next for Turno?
With this major enterprise-level funding, Turno is well-positioned to scale its operations and refine its credit underwriting technology. The strategic focus will likely shift toward expanding its geographic footprint across India and enhancing its digital platform to support a broader range of commercial vehicle types. As the company matures, the emphasis will remain on maintaining high asset quality while scaling its loan book. The continued support from institutional investors suggests a strong confidence in Turno's ability to navigate the complexities of the EV ecosystem, potentially setting the stage for future product diversification into insurance or fleet management services as the company moves toward its next phase of growth.
See full Turno company page
