Morgan Stanley India Infrastructure, bp Ventures led $22 M raised by e-mobility startup Magenta Mobility
A $22 million equity investment has been made in the Indian e-mobility company Magenta Mobility by bp ventures, the venture capital arm of the British oil and gas company bp, and Morgan Stanley India Infrastructure, the Indian infrastructure division run by the American investment bank Morgan Stanley.
4,000 three and four-wheel electric vehicles (EVs) will be added to Magenta Mobility’s fleet nationwide over the course of the upcoming year, the company said in a statement.
In addition to bolstering its presence in Bengaluru, Mysuru, Delhi, Gurgaon, Noida, Hyderabad, and Mumbai over the next two years, the capital will support the company’s market expansion into eight additional Indian cities.
“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 four years,” said Maxson Lewis, Founder, and Managing Director of Magenta Mobility.
He claims that the company will be able to scale its tech-driven electric mobility platform across the nation with the help of this investment and support.
“Magenta Mobility was one of the pioneers of electric vehicle charging in India. 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. We’re excited about our relationship with global marquee investors like bp and Morgan Stanley, as we continue to electrify and decarbonize logistics in India,” he added.
With more than 750 three-wheel EVs spread across seven cities, Magenta Mobility is one of India’s largest electric mobility providers, offering electrified last-mile delivery logistics.
“Decarbonizing the last mile is increasingly important in India as the e-commerce market is expected to grow fourfold by 2030, which will require the deployment of huge numbers of new vehicles this decade,” said Sashi Mukundan, Senior Vice President of bp India.
In these cities, the company runs 35 hubs for parking and charging.
To offer solutions to all participants – customers, driver-partners, original equipment manufacturers (OEMs), and financiers – the company is developing an ecosystem approach.
The business collaborates with some of the biggest food, e-commerce, and online delivery businesses in the nation.
He claimed that Magenta Mobility’s operations will aid in the decarbonization of Indian cities while assisting in meeting demand in the quickly expanding e-commerce delivery sector, especially in light of the ambitious 2030 target set by the Indian government for the complete transition to EVs for e-commerce, delivery, and transport logistics service providers.
