Rising Star in Indian EV Ecosystem
Magenta Mobility, a Navi Mumbai-headquartered electric mobility startup, has closed a significant $22 million Series A1 round. The funding round is led by Morgan Stanley India Infrastructure and BP Ventures, with each investing $11 million. This substantial investment will be utilized to boost Magenta’s existing logistics and last-mile delivery fleet operations.
Fleet Expansion and New Markets
With a current fleet of 800 three-wheeled electric cargo trucks operating in seven cities across the country (Bengaluru, Delhi, Mumbai, Mysuru, Hyderabad, Gurugram, and Noida), Magenta aims to expand into eight new cities within the next two years. The startup also plans to grow its fleet to 4,000 three- and four-wheeled EVs in the same period.
Strategic Partnerships
Magenta partners with local and global Original Equipment Manufacturers (OEMs) to build its fleet, including Tata Motors, Mahindra, Piago, Omega Seiki, and Euler. The startup currently has around 35 customers, comprising e-commerce and grocery delivery companies such as Flipkart, BigBasket, Udaan, and Amazon.
Diversified Services
In addition to last-mile delivery services, Magenta has started handling deliveries of food, grains, water, and mattresses. This expansion is a direct result of the growing demand for commercial EV adoption in the country. The startup boasts an impressive track record, having conducted nearly 70 million deliveries covering over 6.4 million kilometers. A staggering 60% of these deliveries have come from e-commerce.
Growth Rate
Magenta’s founder and managing director, Maxson Lewis, refrained from sharing details on the company’s revenues but mentioned that the startup has seen a remarkable 5x growth every year. The firm currently employs a team of 200 members across four cities.
BP Ventures’ Role
The investment from BP Ventures extends beyond just financial support. As part of this partnership, Magenta gains access to BP’s network of strategic partners and its wealth of knowledge collected from its 14 previous mobility investments. Additionally, BP has invested over $27 million in India to date, making this a significant milestone for the company.
Industry Impact
Magenta Mobility is poised to revolutionize the Indian EV ecosystem with its innovative approach to logistics and last-mile delivery services. With this substantial investment, the startup is well-equipped to drive growth and expansion while contributing to the country’s shift towards sustainable transportation.
About Magenta Mobility
Magenta Mobility is a Navi Mumbai-based electric mobility startup that aims to transform the logistics and transportation sector in India with its innovative approach to EVs. The company currently operates in seven cities, offering last-mile delivery services to e-commerce and grocery delivery companies.
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