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					</table><p>India-based electric mobility service provider <a href="https://www.magentamobility.com/" target="_blank" rel="noopener">Magenta Mobility</a> has secured a $22 million investment from <a href="https://www.jiobp.com/" target="_blank" rel="noopener">bp</a> and a <a href="https://www.morganstanley.com/im/en-us/individual-investor/portfolio/india-infrastructure.html" target="_blank" rel="noopener">Morgan Stanley India Infrastructure</a>-managed investment fund.</p>
<p>The company focuses on electrifying logistics and last-mile delivery, which involves transporting goods from a distribution center to a home or business.</p>
<p>The investment represents bp&#8217;s first foray into India&#8217;s last-mile delivery market and its second in its mobility sector. bp pulse has over 100 million online shoppers.</p>
<p>The investment is significant in the backdrop of the government&#8217;s aim of electrifying e-commerce delivery and logistics by 2030.</p>
<p>Magenta’s fleet will have Jio-bp as its exclusive EV charging partner as part of bp&#8217;s joint venture with Reliance. The two companies will work together on developing electric fleet management software.</p>
<p>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.</p>
<p>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.</p>
<p>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.</p>
<p>bp is investing in five transition growth engines that will aid its transition into an integrated energy company and support its net-zero targets.</p>
<p>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.</p>
<p>Magenta operates over 750 three-wheel electric vehicles across seven cities. The company manages 35 charging and parking hubs in these cities.</p>
<div class="saboxplugin-wrap" itemtype="http://schema.org/Person" itemscope itemprop="author"><div class="saboxplugin-tab"><div class="saboxplugin-gravatar"></div><div class="saboxplugin-authorname"><a href="https://cms.mercomindia.com/author/gautamee-hazarika/" class="vcard author" rel="author"><span class="fn">Gautamee Hazarika</span></a></div><div class="saboxplugin-desc"><div itemprop="description"><div class="designboxt">
<p><img class="alignleft" style="border-radius: 50%;height: 50px;margin-top: -4px;border: 1px solid #00b451" src="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2022/10/Picture1.jpg" width="50" /></p>
<p><strong style="text-decoration: underline">Gautamee,</strong> Staff reporter at Mercom India<br />
<a href="https://mercomindia.com/author/gautamee-hazarika/" target="_blank" rel="noopener">More articles from Gautamee.</a></p>
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<div class="authorboxn"><img class="alignleft" src="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2022/10/Picture1.jpg" width="102" height="102" /><a href="https://mercomindia.com/author/gautamee-hazarika/" rel="noopener">Gautamee</a> is a reporter at Mercom India. Prior to Mercom, Gautamee was working as a multimedia news journalist at ThePrint in New Delhi. She has received her Bachelors in English Honors and Masters in English Literature from St.Stephen&#8217;s College, University of Delhi.<a href="https://mercomindia.com/author/gautamee-hazarika/" rel="noopener">More articles from Gautamee</a></div>
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E-Mobility Firm Magenta Secures $22 Million from bp and Morgan Stanley


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					</table><p>India-focused renewable energy platform <a href="https://www.continuumenergy.in/" target="_blank" rel="noopener">Continuum Green Energy</a> has raised $350 million from two marquee global institutional investors to finance the expansion of its clean energy projects.</p>
<p>Continuum raised the debt by issuing senior secured floating rate notes. The fund-raising round provided the investors with an option to issue an additional $50 million on fulfilling certain conditions.</p>
<p>Continuum Green Energy is majority-owned by a global infrastructure fund managed by <a href="https://www.morganstanley.com/im/en-us/institutional-investor/about-us/investment-teams/real-assets/private-infrastructure-team.html" target="_blank" rel="noopener">Morgan Stanley Infrastructure Partners</a>. Continuum is an India-focused renewable platform with most of its assets focused on the commercial &amp; industrial (C&amp;I) consumers, with 1.3 GW of operating and near-operational capacity and an additional 1.2 GW of projects nearing construction.</p>
<p>Founder &amp; CEO of Continuum Green Energy Arvind Bansal said, &#8220;Raising of funds from marquee investors reaffirms the faith of investors in Continuum&#8217;s business model and the company&#8217;s focus on building high-quality projects. With these funds, the company aims to expand its portfolio to 2.5 GW, mostly as wind and solar hybrid projects, servicing Commercial &amp; Industrial (C&amp;I) consumers, enabling them to meet their sustainability goals economically.&#8221;</p>
<p>Managing Director at Morgan Stanley Infrastructure Partners Raja Parthasarathy said, &#8220;We are happy that Continuum receives this investment and are excited for the growth that the company may realize while deepening their franchise with C&amp;I customers and wind-solar hybrid offerings. This marks another milestone in our 10-year fruitful partnership with Continuum.&#8221;</p>
<p>Last February, the International Finance Corporation, the World Bank Group&#8217;s financial arm,  extended its support to Continuum Green Energy by subscribing to 10% of the company&#8217;s first green bond, which was listed on the Singapore stock exchange. The offering raised nearly $561 million and was meant to refinance its debt.</p>
<p>In June, General Electric and Continuum Green Energy <a href="https://mercomindia.com/ge-acquires-stake-in-continuum-onshore-wind-project/" target="_blank" rel="noopener">announced</a> the financial close of GE Energy Financial Services&#8217; acquisition of a 49% stake in Continuum&#8217;s 148.5 MW Morjar onshore wind project in Gujarat.</p>
<div class="saboxplugin-wrap" itemtype="http://schema.org/Person" itemscope itemprop="author"><div class="saboxplugin-tab"><div class="saboxplugin-gravatar"></div><div class="saboxplugin-authorname"><a href="https://cms.mercomindia.com/author/gourav-mishra/" class="vcard author" rel="author"><span class="fn">Gourav Mishra</span></a></div><div class="saboxplugin-desc"><div itemprop="description"><div class="designboxt">
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<p><strong style="text-decoration: underline">Gourav,</strong> Staff reporter at Mercom India<br />
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<div class="authorboxn"><img class="alignleft" src="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2022/04/WhatsApp-Image-2022-04-06-at-6.37.25-PM-1-1.jpeg" width="89" height="102" /><a href="https://mercomindia.com/author/gourav-mishra/" target="_blank" rel="noopener">Gourav</a> is a staff reporter with Mercom India with over six years of experience in various roles with NewsX, The New Indian Express, IBTimes India, and U.S., Republic, and Analytics India Magazine. Gourav has a Master&#8217;s in journalism from Jain University, Bengaluru. <a href="https://mercomindia.com/author/gourav-mishra/" target="_blank" rel="noopener">More articles from Gourav Mishra</a></div>
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Continuum Raises $350 Million Debt for Expansion of Clean Energy Projects

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