Electric mobility solutions provider Magenta Mobility announced that it successfully closed a Series A1 funding round with USD 22 million equity investment from the UK-headquartered bp and Morgan Stanley India Infrastructure-managed investment fund. Their plan is to use these funds for fleet and geographical expansion, with a portion also going towards strengthening and improving their technology.
Furthermore, as part of this investment, the joint venture between bp and Reliance–Jio-bp– will be the exclusive EV charging partner for Magenta Mobility’s fleet. Magenta Mobility’s investors include HPCL, as well as Indian-American philanthropist and serial entrepreneur Kiran Patel.
Currently, the Pune-based company has 750 electric vehicles operating in 7 cities across the country—Bengaluru, Delhi, Mumbai, Hyderabad, Gurugram, Mysuru, and Noida. Moreover, the company operates 35 charging and parking hubs in these cities, servicing leading e-commerce, food, and online delivery players.
As part of their collaboration, bp and Magenta Mobility will be working together on electric fleet management software. bp’s president in India, Sashi Mukundan, acknowledged the importance of decarbonizing the last-mile delivery system, especially as the e-commerce market is expected to grow 4-fold by 2030.
The fresh capital infusion takes Magenta Mobility’s total funds raised to Rs 275 crore ($37.14 million). This strategic investment will help the company scale their tech-led electric mobility platform extensively, which includes adding up to 4,000 more electric vehicles (both three- and four-wheelers) in the next year.
Maxson Lewis, Magenta Mobility’s Founder and Managing Director, stated that the company plans to capitalize on the strong tailwinds that support EV adoption by large customers in the supply chain for both economic and sustainability reasons.
Magenta Mobility, founded in 2017, is a company at the heart of India’s “Go-Electric” mantra. With their own charging and parking hubs, cutting-edge technology, and partnership with bp—a leading energy provider—they are set to revolutionize both the logistics industry and the country’s mobility habits.
