DATE OF ANNOUNCEMENT: 5 April 2023
COMPANY'S LEGAL NAME: Magenta Ev Solutions Private Limited
Magenta Mobility is an Energy Startup from Mumbai founded in 2018 by Darryl Dias, & Maxson Lewis.
VALUATION : Not disclosed
Magenta Mobility has several investors including bp and an investment fund managed by Morgan Stanley India Infrastructure.
- Magenta Mobility is a provider of EV charging and mobility solutions to the urban freight and transportation segment.
- Magenta aims to revolutionise and aggregate the urban freight & transportation segment both for employee transport and last-mile deliveries across the country with its state-of-the-art technology-enabled vehicles.
- Magenta is developing an electric ecosystem both for employee transport and last-mile deliveries, for the e-Commerce, FMCG, FMCD, Pharmaceuticals, Food, Courier & Logistics companies. Magenta grounds itself in unmatched full-stack software technology and has implemented a connected Fleet Management System for its EV delivery & logistics services.
- Magenta Mobility has more than 750 three-wheel EVs with 35 charging and parking hubs across seven cities, providing electrified last-mile delivery logistics. The company claims to be working on an ecosystem approach to provide solutions to all the participants customers, driver partners, OEMs and financiers. It works with ecommerce, food and online delivery companies in the country.
Maxson Lewis, Founder and Managing Director of Magenta Mobility commented about the latest funding and said “We understand the pain points, limitations for EV adoption in commercial fleet operations, and have developed technology/software solutions to address these issues. Today, with our solutions, we are delivering for some of India’s largest and most successful companies," he added “ "We’re excited about our relationship with global marquee investors like bp and Morgan Stanley, as we continue to electrify and decarbonise logistics in India.”
Sashi Mukundan, President, bp India and Senior Vice President, bp commented about the latest funding and said “ “With the Indian Government setting an ambitious 2030 target for the complete transition to EVs for ecommerce, delivery, and transport logistics service providers, Magenta Mobility, through its operations, will help decarbonise Indian cities whilst helping meet demand in the fast-growing ecommerce delivery industry, further he added “ "This is bp’s first venture-led entry into India’s last-mile delivery market and our second in India’s mobility sector”
Shyamsundar Gurumoorthy, Managing Director and Co-Head of Morgan Stanley India Infrastructure “Being one of the early entrants in the charging infrastructure space, the company (Magenta) is uniquely positioned to stitch an end-to-end solution to enable businesses to go electric in their middle and last mile operations”.
PURPOSE OF FUNDING:
The latest funding will be used for expansion, expanding to new markets, and its tech-enabled services to customers across the country.
The capital will also support Magenta Mobility’s market expansion into eight more cities across India in the next two years, apart from strengthening its presence in Bengaluru, Mysuru, Delhi, Gurugram, Noida, Hyderabad, and Mumbai.
Its competitors include Statiq, ChargeNet Holdings, BOLT, Charge Zone.