Magenta Mobility raises $22m in Series A1 round with BP Ventures and Morgan Stanley as the key investor
Magenta Mobility Takes the Lead in Electrification of Logistics with $22m Series A1 Equity Investment Round
6 April 2023
With $11 million coming from BP Ventures, Magenta Mobility secured $22 million in a Series A1 equity investment round.
In the next two years, Magenta Mobility, an Indian company that specializes in electrifying logistics and last-mile delivery, intends to expand to eight additional cities.
The investment would increase BP's e-mobility presence in India, and Magenta Mobility is "leading the way in the electrification of logistics" with its software solutions.
A portion of the $22 million raised in a Series A1 equity investment round by Magenta Mobility, an Indian e-mobility business that specializes in the electrification of logistics and last-mile delivery, came from BP Ventures. BP has made an $11 million investment in the business and intends to work with Magenta on fleet management software. India is a crucial market because of the government's 2030 aim for electrifying e-commerce distribution and logistics. The investment is part of BP's drive into the global electrification sector. During the following year, Magenta intends to increase its fleet to 4,000 three- and four-wheel electric cars.
The rate of growth for electric cars in India, particularly in "last mile" deliveries, is astounding and is significantly reducing the carbon footprint of cities, according to Gareth Burns, vice president of bp Ventures. Magenta Mobility's position in the industry and its capacity to maximize the utilization of electric fleets boost bp's e-mobility footprint in India and position us well for future development as the e-commerce delivery market is predicted to increase fourfold by 2030.
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Maxson Lewis created Magenta Mobility in 2018, and it is presently active in seven Indian locations as a provider of electric car charging solutions. In the following two years, the firm intends to grow into eight more locations. Some of the biggest and most successful businesses in India use the delivery services provided by Magenta's fleet of electric vehicles, and the company's software solutions are "leading the way in the electrification of logistics."
Tata Motors, Mahindra, Piago, Omega Seiki, and Euler are just a few of the local and international OEMs that the firm collaborates with. Now, Magenta has 35 clients, including online retailers and supermarket delivery services like Flipkart, BigBasket, Udaan, and Amazon.
Almost $1 billion has been spent by BP Ventures, which also oversees 40 investments in seven other countries, including 14 in the mobility sector, including the Oxford firm for autonomous cars Oxbotica and the unmanned aircraft technology Flylogix. With this capital raise, Magenta Mobility has received a total of INR 2.75 billion ($37 million).