Magenta Mobility, an electric vehicle startup, received $22 million in Series A1 funding from BP Ventures and Morgan Stanley India Infrastructure

Magenta Mobility, a startup in electric mobility, received a $22 million Series A1 investment from BP Ventures and Morgan Stanley India Infrastructure. Magenta will increase its current fleet operations for last-mile deliveries and logistics with a 100% equity investment.
The Navi Mumbai-based company ships goods to Bangalore, Delhi, Mumbai, Mysuru, Hyderabad, Gurugram, and Noida using 800 three-wheeled electric freight vehicles. Magenta wants to expand into eight new cities over the next two years with the most recent infusion of funding and increase its number of three- and four-wheeled electric vehicles to 4,000 in the subsequent year.

The business partners with domestic and international OEMs to supply its fleet, including Tata Motors, Mahindra, Piago, Omega Seiki, and Euler.

Currently, Magenta has 35 users, among them e-commerce and grocery delivery providers including Flipkart, Big Basket, Udaan, and Amazon.

The business has started handling the delivery of food, grains, even water and mattresses as commercial EV use rises throughout the nation. With e-commerce making up 60% of the total, Magenta claims to have performed approximately 70 million deliveries across 6.4 million kilometers.

The creator and managing director of Magenta, Maxson Lewis, declined to provide revenue figures but noted that the business has expanded at a rate of 5 times annually. 200 individuals work for the company in four offices spread across four cities.

The investment by BP Ventures is more than just a business deal. In addition to bringing access to its network of strategic partners, BP also contributes a wealth of expertise from its $27 million in prior investments in India and 14 prior mobility ventures. After BP Ventures’ investment in the EV ride-hailing firm BluSmart from the previous year, Magenta Mobility is the company’s second venture in the nation.