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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

B2B fintech payments platform <keyword id="10285387" type="General" weightage="20" keywordseo="rupifi" source="Orion">Rupifi</keyword> on Friday said it has raised $25 million in its Series-A round led by Bessemer Venture Partners and <keyword id="526777" type="General" weightage="20" keywordseo="tiger-global" source="Orion">Tiger Global</keyword>. The platform operates in the B2B payments space through its <keyword id="4585897" type="General" weightage="20" keywordseo="buy-now-pay-later" source="Orion">buy now pay later</keyword> (<keyword id="9522245" type="General" weightage="20" keywordseo="bnpl" source="Orion">BNPL</keyword>) and SME-focused commercial card products. Despite the subdued economic activity, Rupifi managed to record 50 per cent (on-month) growth in disbursals in the last 12 months while covering more than 50,000 SMEs, the platform said in a statement. "With this current investment, we plan to build further towards our goal of disrupting B2B payments and transactions. Our B2B BNPL is currently operating at some of the category-leading B2B marketplaces in India across sectors such as FMCG, pharma, fashion, electronics, agriculture and food," said Anubhav Jain, Co-Founder and CEO of Rupifi. "We are now moving towards building the complete B2B checkout product for marketplaces and omni-channel mobile-first B2B payments solutions for merchants, distributors and sellers," he added. Existing investors Quona Capital and Ankur Capital also participated in the funding round, along with Better Capital. Founded in 2020 by Jain, Ankit Singh and Jawaid Iqbal, this is Rupifi's second investment round within a span of nine months, since its Pre-Series A in March last year. The platform is working with marketplaces such as Flipkart Wholesale, Retailio and Fynd, among others. "In the $1 trillion B2B commerce and payments space in India, Rupifi has demonstrated rapid growth and proven product leadership", said John Curtius from Tiger Global. SEE ALSO <a href="https://www.businessinsider.in/india/news/italy-amritsar-flight-125-passenger-tested-covid-19-positive/articleshow/88733671.cms">125 passengers from an Italy-Amritsar chartered flight test positive for COVID-19</a> <a href="https://www.businessinsider.in/politics/india/news/travel-restrictions-in-uk-us-france-germany-for-indian-travellers-during-covid/articleshow/88728921.cms">If you are looking to travel to UK, US or France, these are the restrictions you need to know</a> <a href="https://www.businessinsider.in/policy/news/india-will-start-issuing-e-passport-says-external-affairs-ministry/articleshow/88730830.cms">Indians will soon be able to carry e-passports while travelling</a>

Rupifi bags $25 million from Tiger Global, others to boost buy now pay later offering

<ul><li>The Series C round was raised $50 million from Australia-based Zip Co that works in the same space.</li><li>Zip Co will acquire a minor stake and a board seat in <keyword id="6414960" type="General" weightage="20" keywordseo="zestmoney" source="Orion">Zestmoney</keyword> post this investment.</li><li>The Indian startup claims to have a customer base of 11 million, of which 70% are from Tier II and III cities and are first time <keyword id="6354680" type="General" weightage="20" keywordseo="credit" source="Orion">credit</keyword> seekers.</li></ul>Payments company Zestmoney, which allows customers to ‘buy now and pay later’ (BNPL), has raised $50 million from Australia-based Zip Co that works in the same space. The six-year-old Indian startup will use this capital to further expand its product, deepen its transaction network, strengthen its balance sheet capacity and enter new business opportunities in insurance as well as savings. ZestMoney also acquired a corporate agent insurance licence from the Insurance Regulatory and Development Authority of India (IRDAI) last month in order to get into the insurance business. Zip Co will acquire a minor stake and a board seat in Zestmoney post this investment. “The investment by Zip is a deep validation of our position as market leader in the <keyword id="4585897" type="General" weightage="20" keywordseo="buy-now-pay-later" source="Orion">Buy Now Pay Later</keyword> category in India,” Lizzie Chapman, co-founder and chief executive (CEO) of ZestMoney said. “While Buy Now, Pay Later is emerging as a preferred mode of payment globally, in India it also plays a crucial role in driving access to credit,” Larry Diamond, CEO of Zip Co, said. The fundraise is a part of a larger Series C round, which will witness the participation of more existing investors. The fintech startup has not specified the names of the investors that are likely to invest in the round. ZestMoney has raised over $110 million to date from investors like Goldman Sachs, Quona Capital, Xiaomi, Prosus &amp; Naspers, and Alteria Capital, among others. The company is a digital omnichannel BNPL player, which claims to have a merchant network of 10,000 online and 75,000 offline stores. The company claims to have a customer base of 11 million, of which 70% are from Tier II and III cities and are first time credit seekers. BNPL or Buy Now Pay Later is a short term micro credit model, which allows customers to purchase and delay the payment by 14-30 days. In some cases, customers also have an option to pay over several installments. LazyPay and Simpl are few companies working in this domain in India. SEE ALSO <a href="https://www.businessinsider.in/business/corporates/news/zee-entertainment-merges-with-sony-pictures/articleshow/86416420.cms">Marriage Story! Zee gets a white knight in Sony</a> <a href="https://www.businessinsider.in/stock-market/news/infosys-hdfc-bank-vedanta-and-other-top-stocks-to-watch-out-for-on-september-22/slidelist/86415930.cms">Zee Entertainment, Infosys, HDFC Bank and other top stocks to watch out for on September 22</a> <a href="https://www.businessinsider.in/stock-market/news/zee-entertainment-shares-hits-upper-circuit-after-two-independent-directors-resign-on-investors-demand/articleshow/86189814.cms">Zee Entertainment hits 33% after two independent directors resign on investor’s demand</a>

Payments firm ZestMoney raises $50 million to test out insurance business

Mumbai, Mar 2 () Fintech non-bank financier SMEcorner on Monday said it has raised USD 30 million (around Rs 210 crore) through a combination of equity and debt in series B funding. The funding round was led by Paragon Partners, which invested USD 10.5 million, and the balance came from existing investors including Quona Capital, Accion Venture Lab, Bharat Shah and few other high networth individuals, according to a company release. "The additional capital will enable us to reach over 20,000 new customers and grow our distribution in the coming year," SMEcorner's founder and CEO, Samir Bhatia, said. Bhatia has also made an undisclosed investment in the current round of funding. The funds raised would go towards rapid business scale-up, lending partnerships and market expansion in the coming financial year. The SME-focussed fintech non-banking financial company plans to lend Rs 1,000 crore by the end of next financial year. The company got its NBFC licence in February 2018 and is currently present across 15 cities in four states of the country. It has over 8,000 customers and has disbursed over Rs 550 crore since obtaining the licence. The company's current assets under management stand at Rs 400 crore. HV ANSANS

You Searched For "quona capital" and got 4 results

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

Eetika Kapoor

Rupifi bags $25 million from Tiger Global, others to boost buy now pay later offering

IANS

Payments firm ZestMoney raises $50 million to test out insurance business

Kritti Bhalla

SMEcorner raises USD 30 mln in Series B funding

PTI

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