EV-Focused Fintech Startup Turno Plans $5.5 Million Pre-Series B Fundraise
Fri Dec 26 2025
India’s electric mobility ecosystem continues to gain momentum as Turno, an EV-focused fintech startup, prepares to raise $5.5 million (approximately ₹50 crore) in a pre-Series B funding round.
The fundraising effort reflects growing investor confidence in startups enabling the adoption of commercial electric vehicles (EVs)—particularly in last-mile delivery and urban logistics, where access to financing remains a key bottleneck.
Investor Interest Signals Confidence in EV Financing
The upcoming round is expected to attract participation from a mix of domestic and global investors, including:
- Stellaris Venture Partners
- British International Investment
- B Capital
- Quona Accion Inclusion Fund
Following the round, Turno’s post-money valuation is estimated at around ₹492 crore, underlining optimism around the long-term potential of EV-focused financing platforms.
The company has approved the issuance of compulsorily convertible preference shares (CCPS)—a structure commonly used by startups entering their next growth phase.
What Turno Does
Founded by Hemanth Aluru and Sudhindra Reddy, Turno operates at the intersection of electric mobility and fintech.
The startup focuses on enabling the sale and financing of commercial EVs, with a strong emphasis on electric three-wheelers used for:
- Last-mile delivery
- Urban logistics
- Small fleet operations
Turno partners with multiple EV manufacturers, helping customers select vehicles best suited to their usage patterns. Beyond vehicle discovery, the company offers customised financing solutions, enabling drivers and fleet owners to shift from internal combustion engine (ICE) vehicles to EVs with lower upfront costs.
This integrated model directly addresses one of the biggest barriers to EV adoption: access to affordable, structured financing.
How the Funds Will Be Used
The proceeds from the pre-Series B round are expected to be deployed across several growth initiatives, including:
- Expanding operations into new cities
- Deepening partnerships with lenders and EV manufacturers
- Strengthening credit underwriting and risk models
- Investing in technology, data analytics, and onboarding systems
Turno currently operates in EV-forward markets such as Delhi, Telangana, and Maharashtra, and plans to scale further in regions witnessing rapid growth in commercial EV usage.
Financial Performance and Growth Outlook
Like many growth-stage startups in emerging sectors, Turno is currently prioritising market expansion over short-term profitability.
In its most recent financial year:
- Revenues remained modest
- Losses were driven by expansion, tech investments, and customer acquisition
Investors appear comfortable with this trajectory, given the structural tailwinds supporting commercial EV adoption—rising fuel costs, policy incentives, and improving charging infrastructure.
Enabling India’s Clean Mobility Transition
Turno’s planned fundraise reflects a broader shift in India’s startup funding landscape, with capital increasingly flowing toward:
- Sustainable mobility
- Climate tech
- Fintech platforms enabling financial inclusion
Commercial EVs are expected to play a critical role in:
- Reducing emissions
- Lowering operating costs for transporters
- Reshaping last-mile and urban logistics
Platforms like Turno—combining vehicle access with financing—are emerging as key enablers of this transition.
Final Thoughts
Turno’s $5.5 million pre-Series B fundraising plans signal strong belief in the future of EV-first, fintech-enabled mobility platforms. As India accelerates toward cleaner transport solutions, startups that remove friction around financing and access are likely to become foundational to the ecosystem.
With supportive policy frameworks, growing investor backing, and a focused execution strategy, Turno is positioning itself as a long-term player in India’s rapidly evolving electric mobility landscape.
Fri Dec 26 2025
