Magenta Mobility Raises $22 Million Investment From bp, Morgan Stanley India Infrastructure
By Seshan Vijayraghvan
2 mins read
Published on April 5, 2023
Electric mobility solutions provider, Magenta Mobility, has announced raising investment from bp and an investment fund managed by Morgan Stanley India Infrastructure. The two companies have committed a total of $22 million (over Rs. 180 crore) in equity investment into Magenta Mobility, which offers electrification of logistics and last-mile delivery services. In fact, bp and Magenta Mobility will also collaborate on electric fleet management software.
Magenta Mobility plans to expand its fleet to 4,000 three and four-wheel EVs across the country over the next year. The company says that the new funding will support its market expansion plans to enter eight new cities across India in the next two years beyond strengthening its presence in Bengaluru, Mysuru, Delhi, Gurgaon, Noida, Hyderabad, and Mumbai.
Talking about the latest development, Maxson Lewis, Founder and Managing Director of Magenta Mobility said, “This investment from bp ventures and Morgan Stanley India Infrastructure is a significant milestone for the Company as we look to build on our strong foundations in the EV space over the last 4 years. This investment and backing will catapult us in scaling our tech-led Electric Mobility platform across the country.”
Right now, Magenta Mobility has over 750 three-wheeled electric vehicles (EVs) across seven cities providing electrified last-mile delivery logistics. The Company operates 35 charging and parking hubs in these cities. In fact, Jio-bp - part of bp’s joint venture with Reliance - will also be the exclusive EV charging partner for Magenta Mobility’s fleet.
Sashi Mukundan, President, bp India and senior vice president, bp said, “This is bp’s first venture-led entry into India’s last-mile delivery market and our second in India’s mobility sector. We are proud to be investing and partnering with Magenta Mobility, to support the company’s growth across India. We see this investment as an opportunity to further advance decarbonizing mobility solutions.”
Last Updated on April 5, 2023
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