Magenta Mobility Raises ₹100 Cr in Pre-Series B Round
- ByStartupStory | March 21, 2025
Mumbai-based electric mobility startup Magenta Mobility has raised ₹100 Cr (about $11.5 Mn) in a mix of equity and debt in its pre-Series B round, sources told Inc42, which first reported the development.
The startup raised ₹50 Cr from its existing investors BP Tech Ventures and Morgan Stanley India Infrastructure, with both investing ₹25 Cr each. The remaining ₹50 Cr was raised via debt funding, though the names of the investors involved were not disclosed.
Magenta Mobility is now preparing to launch a Series B round of ₹400 Cr to ₹500 Cr in the coming months.
“This (pre-Series B round) is the gun powder for Series B, which will take another six months to be formally launched,” one of the sources said.
From Charging Solutions to EV Fleet Provider
Founded in 2018 by Maxson Lewis, Magenta Mobility started as an EV charging solutions provider but gradually shifted its focus to offering vehicle fleets for mid and last-mile delivery needs. It currently works with ecommerce giants such as Amazon and Flipkart.
The startup operates a fleet of 2,700 electric three-wheelers in the L5 category and has 100 charging depots in its network.
To strengthen its fleet business, Magenta Mobility recently placed an order for 100 units of Eicher Pro X small trucks as part of a phased deployment plan. The first batch will be deployed in key markets, including Mumbai, Delhi NCR, Bengaluru, Hyderabad, and Chennai.
Expanding Offerings with Vehicle Management Platform NorMinc
In a bid to diversify its services, Magenta Mobility recently launched NorMinc, a vehicle management platform that offers real-time insights, predictive analytics, and operational control for fleet operators and vehicle manufacturers.
Financial Performance and Past Funding
Magenta Mobility previously raised $22 Mn (about ₹180.6 Cr) in its Series A1 funding round from UK-based energy major bp and Morgan Stanley India Infrastructure. With the latest funding, the startup has raised about $35 Mn to date.
On the financial front, Magenta Mobility’s consolidated net loss widened by 15% to ₹47.91 Cr in FY24, compared to ₹41.68 Cr in the previous year. However, its operating revenue surged 3X to ₹35.51 Cr from ₹11.84 Cr in FY23.
With its latest funding boost, Magenta Mobility aims to expand its fleet, enhance its charging infrastructure, and accelerate its Series B fundraising plans.
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