E-Mobility Firm Magenta Secures $22 Million from bp and Morgan Stanley
Magenta’s fleet will have Jio-bp as its exclusive EV charging partner
The company focuses on electrifying logistics and last-mile delivery, which involves transporting goods from a distribution center to a home or business.
The investment represents bp’s first foray into India’s last-mile delivery market and its second in its mobility sector. bp pulse has over 100 million online shoppers.
The investment is significant in the backdrop of the government’s aim of electrifying e-commerce delivery and logistics by 2030.
Magenta’s fleet will have Jio-bp as its exclusive EV charging partner as part of bp’s joint venture with Reliance. The two companies will work together on developing electric fleet management software.
Over the next year, Magenta intends to increase its fleet to 4,000 three and four-wheel electric vehicles across India, with the support of the raised capital.
The company plans to expand its market presence into eight more cities across the country within the next two years, in addition to strengthening its position in Bengaluru, Mysuru, Delhi, Gurgaon, Noida, Hyderabad, and Mumbai.
Sashi Mukundan, President and Senior Vice President of bp India, said that decarbonizing the last mile is becoming more critical in India, given the projected four-fold e-commerce market growth by 2030.
bp is investing in five transition growth engines that will aid its transition into an integrated energy company and support its net-zero targets.
Maxson Lewis, the Founder and Managing Director of Magenta Mobility, said the investment is a significant milestone for the company as it seeks to expand its electric mobility platform.
Magenta operates over 750 three-wheel electric vehicles across seven cities. The company manages 35 charging and parking hubs in these cities.