E-mobility start-up Magenta Mobility secures $22m funding from bp and Morgan Stanley

• ByStartupStory     |    April 5, 2023

Magenta Mobility, an e-mobility startup, has secured a $22 million equity investment from bp and a Morgan Stanley India Infrastructure-managed investment fund. With this funding, Magenta Mobility aims to expand its fleet of electric vehicles to 4,000 three- and four-wheelers throughout India within a year, while also increasing its market presence in eight more cities over the next two years. The company plans to use the capital to strengthen its position in key cities such as Bengaluru, Mysuru, Delhi, Gurugram, Noida, Hyderabad, and Mumbai, according to a statement.

Magenta Mobility has announced that Jio-bp, a joint venture between Reliance and bp, will serve as the exclusive electric vehicle (EV) charging partner for its fleet. Maxson Lewis, the Founder and Managing Director of Magenta Mobility, stated that the company has developed software and technology solutions to address challenges in the adoption of EVs for commercial fleet operations. Magenta Mobility is currently catering to some of India’s biggest and most successful corporations with its solutions, Lewis added.

Magenta Mobility has expressed enthusiasm for its partnership with well-known global investors, bp and Morgan Stanley, as it strives to electrify and decarbonize India’s logistics. With over 750 three-wheel EVs and 35 charging and parking hubs in seven cities, the firm provides electric last-mile delivery logistics. Magenta Mobility aims to offer solutions to all stakeholders in the ecosystem, including customers, driver partners, OEMs, and financiers, through an ecosystem-based strategy. The company collaborates with ecommerce, food, and online delivery businesses in India, according to the statement.

According to Sashi Mukundan, President and Senior Vice President of bp India, Magenta Mobility’s operations will aid in decarbonizing Indian cities while also meeting the needs of the rapidly expanding ecommerce delivery business. He added that bp’s first venture-led entry into India’s last-mile delivery market and second in the country’s mobility sector is due to the Indian Government’s ambitious target of complete transition to electric vehicles for ecommerce, delivery, and transport logistics service providers by 2030.

According to the announcement, bp is heavily investing in five growth engines, including BP PULSE, an EV infrastructure currently available in nine countries worldwide, to support its transition to an integrated energy company and achieve its net-zero goals. Shyamsundar Gurumoorthy, Co-Head and Managing Director of Morgan Stanley India Infrastructure, stated that Magenta Mobility, as an early player in the charging infrastructure sector, is ideally positioned to offer a complete solution that facilitates electric adoption in middle and last-mile operations for businesses. He also believes that the market opportunity for EV adoption by significant customers in their supply chain is substantial, driven by economic and sustainability considerations.

Calling all entrepreneurs, investors and business owners! The wait is finally over. The 2nd edition of Startup Story B2B Connect is back with a bang – and this time, we’re taking it up a notch. With more startups, more investors and bigger opportunities than ever before, this is your chance to connect, collaborate and take your business to the next level. Get ready for an unforgettable networking experience that’s set to change the game. Stay tuned for all the exciting updates! Register Now Here.

Follow Startup Story