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Chhattisgarh secures Rs15,184 crore investment proposals at New Delhi investors meet

LivemintLivemint · 6m ago
Chhattisgarh secures Rs15,184 crore investment proposals at New Delhi investors meet
Medial

During the Investors Connect Meet in New Delhi, the Chhattisgarh government received investment proposals worth ₹15,184 crore ($2.1 billion) from various industrial sectors. The proposals included projects in semiconductor, IT, electronics, food processing, EV, electrical, and renewable energy industries. The largest proposal came from Renew Power Limited, amounting to ₹11,500 crore ($1.6 billion) for pump storage and green hydrogen projects. The Chief Minister of Chhattisgarh assured full support to investors, highlighting the state's commitment to facilitating ease of doing business and providing timely approvals. The government is actively introducing policy reforms to attract both domestic and international investors.

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EV startup Turno raises $5.5 Mn led by BII

EntrackrEntrackr · 1y ago
EV startup Turno raises $5.5 Mn led by BII
Medial

Commercial electric vehicle (EV) distribution and financing Turno has raised Rs 46 crore ($5.5 million) from new and existing investors. The new capital infusion for the Bengaluru-based firm came after 15 months. The board at Turno has passed a special resolution to allot 18,057 compulsory convertible preference shares at an issue price of Rs 25,509 each to raise Rs 46 crore, its regulatory filing accessed through the Registrar of Companies (RoC) shows. British International Investment invested Rs 24.94 crore while existing investors and Quona Accion, Stellaris Ventures, and B Capital participated with 6.89 crore, Rs 9.27 crore, and Rs 4.95 crore respectively. According to the filings, the company will use these funds for expansion and to meet working capital requirements as decided by the board. As per startup data intelligence platform TheKredible estimates, Turno is valued at around Rs 587 crore or $71 million post-money. The round seems to be an ongoing one and the firm is likely to raise more money and the firm’s worth will change accordingly. Following the fresh investment, Stellaris Ventures holds 18.68% stake in Turno while B Capital, Quona Accion, and British International Investment have 7.70%, 6.54%, and 4.25% stake, respectively. Founded by Hemanth Aluru and Sudhindra Reddy, Turno is a commercial vehicle marketplace which sells three-wheel EVs such as Mahindra & Mahindra, Piaggio, Euler Motors, and Etrio among others. It also provides financing options across Delhi, Telangana, Maharashtra, et al. The company has raised around $22.5 million to date including a $13.8 million in its Series A round in February last year. Incorporated in 2021, the company was at pre-revenue during the fiscal year ended March 2023 with a loss of Rs 27 crore in the same period. Tuno is yet to file annual results for the last fiscal (FY24).`

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