E-mobility Startup Magenta Mobility Raises $22 Million Funding
Magenta Mobility, an e-mobility startup, has raised an equity investment of $22 million from bp and an investment fund managed by Morgan Stanley India Infrastructure.
As per the startup, the freshly raised funds will be used to expand its fleet to 4,000 three- and four-wheel EVs (electric vehicles) across the country over the next year.
The freshly raised capital will also support Magenta Mobility’s market expansion into eight more cities across India in the next two years, apart from strengthening its presence in Bengaluru, Mysuru, Gurugram, Noida, Delhi, Hyderabad, and Mumbai.
With this deal, 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.
Magenta Mobility | Electric Mobility Ecosystem
Founded by Maxson Lewis, Magenta Mobility is an integrated electric mobility, electric vehicle charging, and technology platform that aims to revolutionize and aggregate the urban freight & transportation segment both for employee transport and last-mile deliveries across the country with its state-of-the-art technology-enabled vehicles.
Speaking about the development, Maxson Lewis, Founder and Managing Director of Magenta Mobility, said,
“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.”
The startup has more than 750 three-wheel EVs with 35 charging and parking hubs across seven cities, providing electrified last-mile delivery logistics.
Commenting on the development, Sashi Mukundan, President, bp India and Senior Vice President, bp, 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.”
Magenta Mobility claims to be working on an ecosystem approach to provide solutions to all the participants—customers, driver-partners, OEMs and financiers. The e-mobility startup works with ecommerce, food and online delivery companies in the country.
Recently, Kabira Mobility, a Panjim-based electric two-wheeler maker, raised $50 million (around Rs 412 crore) in funding from Qatar-based Al-Abdulla Group. Earlier in January, Entuple E-Mobility, an electric powertrain and turbocharger product startup, raised $3 million in pre-series A funding from Blue Ashva Capital and Capital A.
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