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Electric mobility solutions provider Magenta has closed a Series A1 funding round after raising $22 million in funding led by the UK-based bp and Morgan Stanley India Infrastructure-managed investment fund.
According to the company, The raised capital will be deployed towards fleet and geographical expansion and will focus on sustainable and profitable growth. The investment from bp will also lead its expansion into eight more cities across India in the next two years, apart from strengthening its presence in Bengaluru, Mysuru, Delhi, Gurugram, Noida, Hyderabad, and Mumbai.
In addition, Jio-bp, part of the joint venture between UK-based bp and Reliance, will be the exclusive EV charging partner for Magenta Mobility's fleet.
“We understand the pain points, limitations for EV adoption in commercial fleet operations, and have developed technology/software solutions to address these issues. Today, with our solutions, we are delivering for some of India’s largest and most successful companies," said Maxson Lewis, Founder and Managing Director of Magenta Mobility.
Magenta Mobility claims to have more than 750 three-wheel EVs with 35 charging and parking hubs across seven cities, providing electrified last-mile delivery logistics.
It works on an ecosystem approach to provide solutions to all the participants—customers, driver partners, OEMs and financiers, the company said.
“With the Indian Government setting an ambitious 2030 target for the complete transition to EVs for ecommerce, delivery, and transport logistics service providers, Magenta Mobility, through its operations, will help decarbonise Indian cities whilst helping meet demand in the fast-growing ecommerce delivery industry," said Sashi Mukundan, President, bp India and Senior Vice President, bp.
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