Launched two months ago BangaloreTerno deals in the retail cargo three-wheeler (3W) segment and claims to have already captured 75% market share. It has partnered with leading 3W Electric Original Equipment Manufacturers (OEMs), such as Mahindra, piaggioand Atrio, among others.
“At Terno, we envision the future of transportation to be electric with zero dependence on fossil fuels. Today, about 80-85% of the total fuel consumption in the country is commercial vehicles and we want to replace diesel miles with electric miles in them. Hemant Aluru, co-founder and CEO, Terno said.
With the capital infusion, Terno aims to come out of stealth mode and expand to Maharashtra, Tamil Nadu, Andhra Pradesh, Telangana, Gujarat and NCR in the coming months.
The company, which has doubled its sales volume every month since its launch, is expected to become the country’s largest seller of electric vehicles by August 2022.