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<ul><li><keyword id="3276649" type="General" weightage="50" keywordseo="quona-capital" source="Orion">Quona Capital</keyword> co-led the round that saw participation from existing investors Stellaris Venture and Avaana Capital, and new investors Alteria Capital and InnoVen Capital. </li><li><keyword id="14318136" type="General" weightage="100" keywordseo="turno" source="Orion">Turno</keyword> plans to use the funding to build a proprietary battery-tech platform to address issues around end-of-life battery value. </li><li>Founded by Hemanth Aluru and <keyword id="6292615" type="General" weightage="50" keywordseo="sudhindra-reddy" source="Orion">Sudhindra Reddy</keyword> (ex-Zoomcar CXOs) in January 2022, Turno is currently operational in five states. </li></ul>Turno, an Indian commercial electric vehicle (EV) distribution and financing startup, on Thursday said it has raised $13.8 million (about ₹112 crores) in a Series A funding round co-led by global venture capital firms B Capital and Quona Capital. The funding round also included participation from existing investors <keyword id="3537918" type="General" weightage="50" keywordseo="stellaris-venture-partners" source="Orion">Stellaris Venture Partners</keyword> and Avaana Capital, besides new investors Alteria Capital and InnoVen Capital. Turno plans to use the funding to build a proprietary battery-tech platform to address issues around end-of-life battery value, amid global concerns around EV batteries and e-waste. “Commercial EV sales are heavily dependent on the availability of attractive financing options and today the Indian market is plagued by lack of truly customer-centric options. Turno has identified a key missing element in the ecosystem that solves the problem of financing as well as distribution and servicing,” said <a href="https://u6878319.ct.sendgrid.net/ls/click?upn=5IdpUAhVc5GH6tZvUPczHkuKz4P-2Br2CQ1jG79p-2Fzha2qbSjBrzzbIvHzowDNnU4o926mZjaSHqBTRoHrPiSv99jO04fWtrZE8cXRzHjftB8-3DV3n5_A7ag8iXlge7kLfqu-2FN2h5Wp9t2bI4RW0bH-2BBxZq5qUupibr9bH3GrgdLbZROxl9ZRk2GBrD-2BNALlK5sb9oZJw7DVAGz6-2FeiblBG-2FD0XacSVKRZ5mY9oOldeYWDbIlX0vr-2BlGFXFfrIDURmxLg3GRsnEdv4rq7VuJKd0UNExYCdObBpIfzXX6cpTeicoBWxoj4nB5ZjYnXv0w64yXyQ8W-2FlwN72Wg1SdudIiI523BeQPo96nvksSmmVemPl6yW1-2Fn">Karan Mohla</a>, General <keyword id="6399933" type="General" weightage="50" keywordseo="partner" source="Orion">Partner</keyword>, B Capital and head of early stage investments in India &amp; SEA. As EV adoption has accelerated globally, so too have concerns about the end-of-life value of EV batteries and the potential e-waste created by them. Turno says it has identified a massive untapped opportunity to create a proprietary battery technology platform to repurpose EV batteries into large-scale second-life energy storage systems – significantly enhancing the life-cycle value of batteries and prolonging their usable life. This new technology will also further lower EV ownership costs, thereby making EVs more affordable, it adds. Founded by<a href="https://u6878319.ct.sendgrid.net/ls/click?upn=5IdpUAhVc5GH6tZvUPczHkuKz4P-2Br2CQ1jG79p-2Fzha2hAf1YexVTZISU0O9-2FSBOGMYkmG9oqluEK0iQJ8zMcCg-3D-3Dv2QJ_A7ag8iXlge7kLfqu-2FN2h5Wp9t2bI4RW0bH-2BBxZq5qUupibr9bH3GrgdLbZROxl9ZRk2GBrD-2BNALlK5sb9oZJw5HneTUBdfG5NOHmO95LaOv13KwVzVRHbMlwyNIkpgBTcZsQ7-2Bl9S87CISKnAZQmgmfrMGyejxHH7VFSoQahplUs-2BWfZPt-2FpAvk3AqUXmqkJeYJEomKn1VyKO5DFzRXZPJnLOsiYJQE-2BzdCdOXJPbLeJp7mJdN4jr42QKb1ar8un"> </a>Hemanth Aluru and<a href="https://u6878319.ct.sendgrid.net/ls/click?upn=5IdpUAhVc5GH6tZvUPczHkuKz4P-2Br2CQ1jG79p-2Fzha09T8qEO9l-2B9wxGkx1vCbOkSvIP-2FkEBVU4vjOv2-2FiRo1g-3D-3Dpagm_A7ag8iXlge7kLfqu-2FN2h5Wp9t2bI4RW0bH-2BBxZq5qUupibr9bH3GrgdLbZROxl9ZRk2GBrD-2BNALlK5sb9oZJw6U5mBKLGW-2BlCri98g5KojbgrNeOd9FCGVPiaMPbL0iDixSJTKqo-2FJOxtQvWbe7PDgiObYR3tvZekhebnKBe7aiQ-2BY329EdbjKXDmmDlU9ZyvO6wyNrkHeZzJWk7rEH-2F-2FFiD6YnZZKYn39DnX1ueyf8MGDzyvuvMNWW2uutAzdiQ"> </a>Sudhindra Reddy (ex-Zoomcar CXOs) in January 2022, Turno offers a multi-brand selection of vehicles at low prices through its EV sales platform (with both online and physical stores), low-cost financing, and a buy-back value on used EV batteries. Its app provides a dashboard for consumers to know their guaranteed buyback price for their vehicle’s end-of-life. Turno claims its flagship offering lowers the overall ownership costs for customers by 30% when compared to other EV purchasing options available today It is currently operational in five states — Karnataka, Telangana, <keyword id="20154" type="General" weightage="50" keywordseo="tamil-nadu" source="Orion">Tamil Nadu</keyword>, Delhi NCR, and Maharashtra. “Today 80-85% of India’s automotive fuel consumption is driven by commercial vehicles with internal combustion engines. Yet, there is a strong desire to transition to a green economy and so, commercial EV adoption holds significant promise. Turno was founded with the mission to convert these “gasoline miles” into “electric miles”, Aluru, who is also CEO of Turno, said. The company has partnered with 3W electric vehicle manufacturers, including Mahindra &amp; Mahindra, Piaggio, <keyword id="8690392" type="General" weightage="50" keywordseo="omega-seiki-mobility" source="Orion">Omega Seiki Mobility</keyword> and Etrio, to sell their vehicles countrywide. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/tech/news/twitter-blue-launched-in-india-pricing-what-it-offers-and-should-you-subscribe/articleshow/97756303.cms">Twitter Blue launched in India – pricing, what it offers, and should you subscribe?</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/tech/news/shares-of-alphabet-fall-8-pc-after-google-rollout-of-ai-search-features/articleshow/97755747.cms">Shares of Alphabet fall 8 pc after Google rollout of AI search features</a>

Commercial EV distribution start up Turno raises $13.8 million from B Capital & others

New Delhi, Jan 31 () Auto component maker Omega Seiki on Friday announced its foray into electric mobility space with the unveiling of an electric three wheeled cargo vehicle to cater to the needs of e-commerce and B2B industry segments.
Available in two trims, Singha and Singha Max, the vehicle comes with a range of 100 km and a cargo capacity of 500 kg. 
With lithium-ion 48 volt battery which generates a max torque of 80 NM, Singha and Singha Max offer top speed of 30 kmph and 60 kmph, respectively.
"The company has set up a manufacturing facility in Faridabad with an annual capacity of 12,000 vehicles in the first phase," Omega Seiki Managing Director Deb Mukherji said in a statement.
Subsequently, the company will add capacity in other locations, he added.
 "The investment will be around Rs 200 crore in multiple phases," Mukherji said.
 The Delhi-based company will commence bookings for the model during the upcoming Auto Expo. MSS ANU
ANU

Omega Seiki makes foray into EV space; unveils electric cargo vehicle

<keyword id="16492024" type="General" weightage="100" keywordseo="Homegrown-EV-charging" source="Orion">Homegrown EV charging</keyword> and <keyword id="16492025" type="General" weightage="20" keywordseo="mobility-solutions-company" source="Orion">mobility solutions company</keyword> <keyword id="14455900" type="General" weightage="20" keywordseo="Magenta-Mobility" source="Orion">Magenta Mobility</keyword> has raised $40 million in its Series B <keyword id="12999336" type="General" weightage="40" keywordseo="funding" source="ETB2B" meta.aliasname="funding" meta.entityname="funding" meta.entityid="7040">funding</keyword> in a mix of equity and debt, the media reported. Backed by <keyword id="16492026" type="General" weightage="20" keywordseo="Microsofts-global-startup" source="Orion">Microsoft's global startup</keyword> programme, the company closed $20 million in equity funding led by two global marquee investors, reports DealStreetAsia. The company raised $20 million in debt in the same round. Magenta is aiming to expand its geographical presence in cities including Hyderabad, Chennai, Delhi and Chandigarh. The company has a fleet of 600 3-wheelers and 4-wheelers across the country and expects to have over 4,000 in fiscal 2023-24, the report said. Last year, the Mumbai-based charging solutions provider announced its collaboration with Amazon <keyword id="13362851" type="General" weightage="40" keywordseo="india" source="ETB2B" meta.aliasname="india" meta.entityname="india" meta.entityid="7017">India</keyword>. Through this partnership, Magenta Mobility works with Amazon India to induct a fleet of <keyword id="12991107" type="General" weightage="40" keywordseo="electric-vehicles" source="ETB2B" meta.aliasname="electric vehicles" meta.entityname="electric vehicles" meta.entityid="7048">electric vehicles</keyword> including two and four-wheeler electric vehicles for its delivery partners in Hyderabad. Magenta Mobility's current list of customers includes all the major e-commerce businesses such as Amazon, Flipkart, Bigbasket, Porter and Udaan. It has a relationship with the electric-vehicle manufacturers such as Tata Motors, Mahindra Electric, Omega Seiki and Euler Motors. Magenta is a Series A funded company backed by HPCL and investors such as JITO Angel Network, LetsVenture, and Indian-American philanthropist, Dr Kiran Patel. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/auto/news/renault-nissan-commits-5300-cr-to-tn-to-introduce-6-new-models-including-evs/articleshow/97867394.cms">Renault-Nissan commits ₹5,300 cr to TN; to introduce 6 new models including EVs</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/news/reliance-seeks-12-75-for-cbm-gas-ongc-wants-9-35/articleshow/97867864.cms">Reliance seeks $12.75 for CBM gas, ONGC wants $9.35</a>

EV startup Magenta Mobility raises $40 million in equity and debt

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Commercial EV distribution start up Turno raises $13.8 million from B Capital & others

Eetika Kapoor

Omega Seiki makes foray into EV space; unveils electric cargo vehicle

PTI

EV startup Magenta Mobility raises $40 million in equity and debt

IANS

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