Mumbai-based electric mobility startup Magenta Mobility declared that it had secured $22 million (approximately INR 180.6 crores) in its Series A1 funding round from bp, an energy company based in the United Kingdom, and Morgan Stanley India Infrastructure.
According to the founder and managing director of Magenta Mobility, the startup intends to use the recent funding to expand its fleet of vehicles, expand its presence in additional cities across the country, and bolster its overall technological capabilities, as per reported by Inc42.
“This investment is largely for three buckets, the first being scaling up – we have the mandate to have 4,000 vehicles deployed by this financial year. The second is an investment into R&D and technology – we have always believed that you cannot copy-paste international solutions into India,” said Lewis, adding that the company was also looking to get into eight new cities, including Pune and Chennai, in FY24.
Magenta Mobility currently operates in seven Indian cities, including Hyderabad, Bengaluru, Delhi-NCR, and Mumbai, with a fleet of roughly 800 three-wheeler EV cargo vehicles.
Magenta Mobility sources its three-wheeler EVs from Piaggio, Altigreen Propulsion Labs, Euler Motors, and Mahindra. Initially established in 2018 as an EV charging solution provider by Lewis, the startup gradually shifted its focus to offering vehicle fleets for the logistics and last-mile delivery requirements of various e-commerce companies.
About Magenta Mobility
A platform for technology, electric mobility, and EV charging With its cutting-edge technology-enabled vehicles, Magenta Mobility hopes to revolutionise and aggregate the urban freight & transportation segment for both employee transportation and last-mile deliveries across the nation.