Magenta Mobility, an Indian e-mobility company, raised $11m in funding.
The investment – from bp ventures – was part of a $22m Series A1 equity round.Led by Maxson Lewis, Founder and Managing Director, Magenta Mobility specialises in the electrification of logistics and last-mile delivery – the journey from a distribution centre to a home or business. The company also provides delivery optimisation software to its customers, including some of the largest e-commerce, food, and online delivery companies in the country. Magenta Mobility is already present in seven cities across India, namely Bengaluru, Delhi, Mumbai, Mysuru, Hyderabad, Gurgaon and Noida. This capital will support the company’s market expansion into eight additional cities in the next two years. bp and Magenta Mobility will also collaborate on electric fleet management software.The company plans to expand its fleet to 4,000 three and four-wheel EVs across the country over the next year. Jio-bp – part of bp’s joint venture with Reliance – will be the exclusive EV charging partner for Magenta Mobility’s fleet.
