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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).`

British International Investment to invest $33.5M in Indian EV startups

YourStoryYourStory · 7m ago
British International Investment to invest $33.5M in Indian EV startups
Medial

The UK's development finance institution, British International Investment (BII), has announced investment commitments of $33.5 million in India's electric vehicle (EV) sector. The funding includes debt financing for Everest Fleet to expand its EV fleet, equity investment in TI Clean Mobility for scaling its EV manufacturing capabilities, and equity commitment to Vecmocon for enhancing its research and development in the EV component manufacturing. BII has been actively investing in India's EV sector and aims to contribute to India's energy transition and decarbonization efforts. The investments align with BII's goal of investing up to $1 billion in climate-friendly initiatives and green technologies in India.

Euler Motors raises Rs 638 Cr in Series D funding round

EntrackrEntrackr · 1m ago
Euler Motors raises Rs 638 Cr in Series D funding round
Medial

Euler Motors raises Rs 638 Cr in Series D funding round Commercial electric vehicle manufacturer Euler Motors has raised Rs 638 crore (approximately $75 million) in its Series D round, led by Hero MotoCorp, along with participation from existing investor British International Investment (BII). This latest infusion will be instrumental in expanding the company’s sales and service network, while advancing new product development to accelerate India’s commercial EV adoption. Last month, the company announced a $60 million investment from Hero MotoCorp. Entrackr also reported that British International Investment and Caladium Investment (GIC) contributed Rs 96 crore ($11.3 million) and Rs 32 crore ($3.76 million), respectively, in the Series D round. According to Entrackr’s estimates, Euler Motors' valuation remains flat at $176 million. Euler Motors has secured investments from prominent backers such as Blume Ventures, Athera Partners, Asian Development Bank Ventures, and the Piramal Alternatives India Access Fund. With the latest funding round, the company's total capital raised stands at approximately Rs 1,420 crore. Launched in 2018, Euler Motors specializes in the production of EV three-wheelers. The company has seen strong adoption across the e-commerce, retail, and logistics segments, backed by a growing portfolio of electric vehicles, including the HiLoad EV and the StormEV. “This is a strong vote of confidence both in India’s commercial electric mobility future and in Euler Motors’ execution and products. With this fresh capital and strategic backing from new and existing investors, we are poised to accelerate our scale, continue innovating to deliver superior products, and come a few steps closer towards becoming India’s No. 1 commercial EV brand,” said Saurav Kumar, founder and CEO of Euler Motors. Euler Motors reported a more than threefold increase in operating revenue year-on-year to Rs 189 crore in FY24 from Rs 62 crore in FY23. Despite this growth, the company posted a loss of Rs 227 crore during the same period. Euler competes with players like Altigreen, Mahindra Electric, Piaggio, Kinetic Green, Tata, and others.

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