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Magenta Mobility Raises $22 Million From Bp, Morgan Stanley India Infra

Apr 05, 2023•over 2 years ago

Amount Raised

$22 Million

IndiaLogisticsTransportation

Description

Electric mobility solutions provider Magenta on Wednesday said it has closed a Series A1 funding round with $22 million equity investment from the UK-headquartered bp and Morgan Stanley India Infrastructure-managed investment fund. The company plans to deploy the freshly raised capital in fleet and geographical expansion besides investing a part of the funds in technology-build as it focuses on "sustainable and profitable" growth, Maxson Lewis, Founder and Managing Director, Magenta Mobility said. Besides, as part of this investment, bp's joint venture with Reliance--Jio-bp-- will be the exclusive EV charging partner for Magenta Mobility's fleet, he said. Seed-funded by HPCL, the Pune-based company has 750 electric vehicles operating in the last-mile delivery space across seven cities- Bengaluru, Delhi, Mumbai, Hyderabad, Gurugram, Mysuru and Noida - catering to some of the leading e-commerce, food and online delivery players in the country

Company Information

Company

Magenta Mobility

Location

India

About

Magenta is an integrated Electric mobility, EV charging, and EV Technology platform, aiming to 'Electrify and Decarbonise Freight Transportation' across the country. With an existing fleet of more than 800 Cargo 3-wheeler electric vehicles on the streets of Bengaluru, Mysuru, Delhi NCR, Mumbai and Hyderabad, plans are afoot to take these integrated services across the country. Magenta is developing an electric ecosystem both for the e-Commerce, FMCG, FMCD, Pharmaceuticals, Food, Courier & Logistics companies. Magenta's current list of customers includes all the major e-commerce businesses such as Amazon, Flipkart, Bigbasket, Porter, and Udaan & similar for last mile clean mobility, while it has a strong relationship with the electric vehicle manufacturers, to further establish the versatility of the platform as a trusted partner for businesses to ensure sustainability & cost-effectiveness. Magenta grounds itself in unmatched full-stack software technology and has implemented a connected Fleet Management System for its EV delivery & logistics services. Magenta is a Series A funded company backed by marquee investors such as HPCL, bp, Morgan Stanley, JITO Angel Network and renowned Indian American philanthropist, Dr. Kiran Patel.

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