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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

The <keyword id="6355014" type="General" weightage="20" keywordseo="delhi-high-court" source="Orion">Delhi High Court</keyword> on Thursday granted bail to <keyword id="13154993" type="General" weightage="20" keywordseo="Chitra-Ramkrishna" source="Orion">Chitra Ramkrishna</keyword> in the <keyword id="500410" type="General" weightage="20" keywordseo="money-laundering-case" source="Orion">money laundering case</keyword> related to alleged <keyword id="16434436" type="General" weightage="20" keywordseo="illegal-phone-tapping-and-snooping" source="Orion">illegal phone tapping and snooping</keyword> of the National Stock Exchange (NSE) employees. "The application is allowed. The applicant is granted bail," said Justice Jasmeet Singh. The former NSE managing director, who was earlier arrested by the CBI in the alleged NSE co-location scam, was arrested in the present case by the Enforcement Directorate on July 14 last year. She was granted bail in the CBI case by the high court in September last year. The Enforcement Directorate (ED) had opposed her bail plea in the present case on grounds that she was the "mastermind" behind the conspiracy. The phone tapping case, according to the ED, pertains to a period from 2009 to 2017 when former NSE CEO Ravi Narain, Ramkrishna, Executive Vice-President Ravi Varanasi, and Head (Premises) Mahesh Haldipur and others conspired to cheat NSE and its employees and for the purpose, engaged iSEC Services Pvt Ltd for illegal interception of phone calls of employees of the NSE in the guise of doing periodic study of cyber vulnerabilities of the NSE. Seeking bail, Ramkrishna had argued that no scheduled offence was made out against her and the allegations also did not fall within the rigours of the Prevention of Money Laundering Act . Ramkrishna was appointed as Joint MD NSE in 2009 and remained in the position till March 31, 2013. She got elevated as MD and CEO on April 1, 2013. Her tenure at NSE ended in December 2016. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/startups/news/commercial-ev-distribution-start-up-turno-raises-13-8-million-from-b-capital-others/articleshow/97758281.cms">Commercial EV distribution start up Turno raises $13.8 million from B Capital &amp; others</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>

Delhi HC grants bail to Chitra Ramkrishna in money laundering case

<ul><li>For the first time since the survey’s inception in 2015, profitability emerged as the number one priority for founders. </li><li>About 58% of founders expect 2023 to be challenging, as per <keyword id="3101559" type="General" weightage="100" keywordseo="innoven" source="Orion">InnoVen</keyword> Capital’s <keyword id="16448393" type="General" weightage="50" keywordseo="india-startup-outlook-report" source="Orion">India Startup Outlook Report</keyword>. </li><li>Hiring is expected to slow down with only 38% of founders expecting a higher pace of hiring, predominantly in early-stage companies. </li></ul>A majority of Indian startup founders are optimistic about getting a higher valuation for their companies in their next round of fundraising despite a tougher environment as they tighten focus on profitability. The 8th edition of venture debt firm InnoVen Capital’s <keyword id="3658" type="General" weightage="50" keywordseo="india" source="Orion">India</keyword> Startup Outlook Report has found that 58% of founders it surveyed expect 2023 to be challenging, with a tougher fundraising environment. “Despite the market slowdown, most founders are optimistic about raising their next round of capital at higher valuation. 75% of respondents expect a higher valuation than their last round, with fintech being the most bullish of being able to raise an up-round (96%),” the report said. Funding winter’s silver lining: Focus on profitability For the first time in seven years (since the survey was begun), founders had higher bias for profitability over growth – 55% of founders stated profitability as a bigger focus area, compared to only 17% in 2021. “An overwhelming majority (85%) of founders identified that focus on more sustainable business models has been the most important impact of the current funding slowdown. Tightening funding environment has also led to an increased focus on profitability and unit economics,” the report said. The survey said 19% of founders claimed to be profitable at the EBITDA (earnings before interest, tax, depreciation and amortisation) level, while 62% aim to turn EBITDA profitable in the next two years, up from 51% last year. “2022 was a challenging year for the start-up ecosystem with an end to cheap money, rising interest rates and a challenging geopolitical environment. The positive aspect of the slowdown has been an increased appreciation for building sustainable business models,” Ashish Sharma, managing partner, InnoVen Capital India said. The survey found that 53% of founders who attempted to raise funds in 2022 had a positive fundraising experience, although the number was down from 92% in 2021. Also, founders are increasingly looking towards a domestic IPO as the likely mode of exit, despite the recent volatility in the stocks of listed tech companies. Majority of founders (63%) chose a domestic IPO listing as the most preferred exit option compared to 58% in 2021. Hiring to be slow, gender diversity an issue In terms of sectors, the report found that <keyword id="1464841" type="General" weightage="80" keywordseo="edtech" source="Orion">edtech</keyword> was seen as the most overhyped sector, while healthtech and agritech were chosen as the most under-hyped sectors. Edtech was severely affected as children returned to school after the pandemic, slashing the need for virtual classes. About five edtechs shut down in 2022; edtech company BYJU’s fired about <a href="https://www.businessinsider.in/business/news/byjus-to-miss-march-2023-deadline-for-group-level-profitability-results-delayed-again/amp_articleshow/97650755.cms">1,000 employees</a> in January in addition to the over 2,500 employees it laid off in October last <a href="https://economictimes.indiatimes.com/tech/startups/troubled-edtech-firm-byjus-continues-to-cut-jobs-another-1000-employees-laid-off/articleshow/97555721.cms#:~:text=Byju's%20had%20in%20October%202022,till%20press%20time%20on%20Thursday">year</a>. For the startup sector, the hiring scenario has been as grim as the funding winter. According to job losses tracker <a href="https://www.businessinsider.in/careers/news/wipro-gomechanic-and-swiggy-lead-tech-layoffs-in-india-in-january-2023/slidelist/97486738.cms">Layoffs Tracker</a>, 228 tech companies have laid off over 1.1 lakh employees globally in January 2023 alone. In India, Wipro, GoMechanic and <keyword id="6358977" type="General" weightage="50" keywordseo="swiggy" source="Orion">Swiggy</keyword> led the tech layoffs during<a href="https://www.businessinsider.in/careers/news/wipro-gomechanic-and-swiggy-lead-tech-layoffs-in-india-in-january-2023/slidelist/97486738.cms"> the same period.</a> Innoven’s survey does not offer a lot of good news on this count. Its survey found that hiring is expected to slow down with only 38% of founders expecting a higher pace of hiring, predominantly in early-stage companies. “Enterprise SaaS and agritech founders were the most bullish on hiring. Improving gender diversity continues to be a challenge and trends remain largely in line with last year. 67% of the companies have fewer than 20% women in leadership roles, and 38% had fewer than 10% women in their leadership team,” Innoven said. <keyword id="759851" type="General" weightage="50" keywordseo="zerodha" source="Orion">Zerodha</keyword> is most admired Innoven’s India Startup Outlook Report found that Nithin Kamath and <keyword id="968035" type="General" weightage="50" keywordseo="nikhil-kamath" source="Orion">Nikhil Kamath</keyword>, founders of online brokerage firm Zerodha, were India’s most admired startup founders. Their company was also chosen as the most admired Indian startup, for the third year in a row. The report is based on insights gathered from over 120 Indian start-up founders across stages and sectors such as fintech, SaaS, D2C, logistics, ecommerce, healthtech and others. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/startups/news/startup-working-to-bring-msmes-into-metaverse-secures-funds-on-shark-tank-india/articleshow/97768137.cms">Startup working to bring MSMEs into metaverse secures funds on Shark Tank India</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/startups/news/commercial-ev-distribution-start-up-turno-raises-13-8-million-from-b-capital-others/articleshow/97758281.cms">Commercial EV distribution start up Turno raises $13.8 million from B Capital &amp; others</a>

Startup founders focus on profitability, hope for higher valuations: InnoVen Capital report

<ul><li>Founded in 2020, the AI company <keyword id="16446466" type="General" weightage="20" keywordseo="cloudworx" source="Orion">Cloudworx</keyword> lets clients build 3D models without need of coding knowledge, its founder claimed on <keyword id="11924074" type="General" weightage="20" keywordseo="shark-tank-india" source="Orion">Shark Tank India</keyword>. </li><li>There is additionally no need for a web browser as any employee can scan a code and access the digital twin of the company store. </li><li>Shark <keyword id="544908" type="General" weightage="20" keywordseo="namita-thapar" source="Orion">Namita Thapar</keyword> and <keyword id="127971" type="General" weightage="20" keywordseo="anupam-mittal" source="Orion">Anupam Mittal</keyword> sealed the deal at 40 lakhs with 3.2% equity at valuation of ₹12.18 crore.</li></ul>Cloudworx, an Indian AI startup that helps build 3D models requiring no former knowledge of coding received ₹40 lakhs investment on Shark Tank India season 2. Their innovation has already received a patent in <a href="https://patents.google.com/patent/US20160315470A1/en">2019</a>. Coding is essentially the ability of writing computer programs using a defined language. The startup Cloudworx claims it has found a way where a user doesn’t need to learn coding language to make a 3D model work. From a survey conducted by Gartner, 75% of businesses want to implement digital twins (3D models), but only 13% have implemented it so far; the other 62% have it on their roadmap but find it hard or don't have the direct skill set in the team to implement it, Cloudworx <a href="https://www.cloudworx.ai/">stated</a>. “Without going to your own factory, you can monitor which machine of your factory is utilising more energy. This is through a technology called <keyword id="16446467" type="General" weightage="20" keywordseo="heat-mapping" source="Orion">heat mapping</keyword>, i.e monitoring the temperature of the object. Even employees can be monitored through their body temperature stamps and the boss can know which area has the most amount of employees huddled together,” said Yuvraj Tomar, Cloudworx founder, who also featured in inaugural <a href="https://www.cloudworx.ai/">Forbes Asia 30 under 30</a> list in 2016. There is no need for a web browser as any employee can scan a code and access the digital 3D model of the company store,” Tomar added. The founder claimed on Shark Tank India that the app offers major steps- First, it connects devices, network, software, people and processes. Second, imports 3D models and lets clients customise the feel and look of their virtual store. And third, build 3D workflows without writing any code. Founded in 2020, the company aims to make metaverse accessible and easy to use and understand. The company claimed to have made ₹1.5 crore annual sales since 2020. They also reported no profit on the show. On why the company's sales were low, Cloudworx founder said, “Sales were low because we made the mistake of only concentrating on the India market initially where usage is still picking up. When we expanded to other countries, we started gaining clients. European clients are especially easily convertible,” Tomar claimed. Shark Namita finds a use case for the service Shark Namita Thapar, who manages 14 factories of Emcure Pharmaceuticals was interested in the startup as the founder displayed how she can use it for her benefit via a demo. “You manage 14 factories and often would need to be physically present for monitoring their output. With the use of this technology, you won’t need to be dependent on charts, dashboards, graphs to make decisions. You can monitor your factories from anywhere. One click from the software can physically switch on or shut down any functions in the factory,” he claimed. On Thapar’s call of ‘shaking the world of MSMEs’, the final deal was sealed with the Emcure executive director and Anupam Mittal at ₹40 lakhs with 3.2% equity at valuation of ₹12.18 crore . The startup had already raised ₹71 lakhs in a seed round that happened in May 2020 at valuation of ₹8 crore. Rest of the sharks opt out Anupam Mittal, co-founder of Shaadi.com wished to know how the founder will compete with the big tech giants of the world and build a global presence. “I am not targeting the Fortune 500 companies who will only approach global tech giants for their work. My clients will be the SMEs and MSMEs who can’t afford the fees of tech giants like Microsoft and gaming giant Nvidia. One Microsoft and Nvidia license will cost $1 to $2 million. If someone in the field is providing the same features at one hundredth the cost, why would any client not want to jump in?”, Tomar said. Amit Jain, co-founder of CarDekho, stepped out of the deal claiming the platform offers no innovation and the products that they offer are already available in the market. CEO and co-founder of Sugar Cosmetics Vineeta Singh stepped out of the deal as well. “Your platform needs two things to succeed. One, it needs to build an international <keyword id="6399166" type="General" weightage="20" keywordseo="B2B" source="Orion">B2B</keyword> market and second, you need to be constantly updated with the innovations that are happening in this field. I won’t be of much help there,” Singh said. Suggesting he should concentrate more on the vast opportunities of consumer metaverse, co-founder of boAt Aman Gupta denied funding to the startup. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/startups/news/commercial-ev-distribution-start-up-turno-raises-13-8-million-from-b-capital-others/articleshow/97758281.cms">Commercial EV distribution start up Turno raises $13.8 million from B Capital &amp; others</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/startups/news/these-startups-on-shark-tank-india-are-run-by-couples-who-are-partners-in-life-business/slidelist/97766491.cms">These startups on Shark Tank India are run by couples who are partners in life &amp; business</a>

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

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Delhi HC grants bail to Chitra Ramkrishna in money laundering case

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Startup founders focus on profitability, hope for higher valuations: InnoVen Capital report

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Startup working to bring MSMEs into metaverse secures funds on Shark Tank India

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