Magenta Mobility, a leading e-mobility startup focused on electrification of logistics and last-mile delivery, has received an equity investment commitment of approximately $22 million (Rs 181 crore) from bp and an investment fund managed by Morgan Stanley India Infrastructure.
With its 35 charging and parking hubs in these cities, the electric mobility business currently operates more than 750 three-wheelers across seven cities, offering last-mile delivery logistics.
It is developing an ecosystem approach to provide solutions to all participants, including customers, driver-partners, OEMs, and financiers who deal with major e-commerce, food, and online delivery companies.
BP sees India as a key market for its global electrification business – bp pulse – with more than 100 million online shoppers and the government’s goal of electrifying e-commerce delivery and logistics by 2030. In addition, bp and Magenta Mobility will work together on electric fleet control software.
BP sees India as a key market for its global electrification business – bp pulse – with more than 100 million online shoppers and the government’s goal of electrifying e-commerce delivery and logistics by 2030. In addition, bp and Magenta Mobility will work together on electric fleet control software.
Furthermore, Jio-bp, a joint partnership between bp and Reliance, will become the exclusive charging partner for Magenta Mobility’s fleet.
Over the next year, Magenta Mobility plans to expand its fleet to 4,000 electric three- and four-wheelers across the nation. Beyond strengthening its presence in Bengaluru, Mysuru, Delhi, Gurgaon, Noida, Hyderabad, and Mumbai, the funds will support Magenta Mobility’s market growth into eight additional cities across India over the next two years.
Sashi Mukundan, President, bp India and SVP, bp said: “Decarbonising the last-mile is increasingly important in India as the e-commerce market is expected to grow fourfold by 2030, which will require the deployment of huge numbers of new vehicles this decade. With the Indian government setting an ambitious 2030 target for the complete transition to EVs for e-commerce, delivery, and transport logistics service providers, Magenta Mobility through its operations will help decarbonise Indian cities whilst helping meet demand in the fast-growing e-commerce delivery industry. This is bp’s first venture-led entry into India’s last-mile delivery market and our second in India’s mobility sector.”
BP sees India as a key market for its global electrification business – bp pulse – with more than 100 million online shoppers and the government’s goal of electrifying e-commerce delivery and logistics by 2030. In addition, bp and Magenta Mobility will work together on electric fleet control software.
Furthermore, Jio-bp, a joint partnership between bp and Reliance, will become the exclusive charging partner for Magenta Mobility’s fleet.
Over the next year, Magenta Mobility plans to expand its fleet to 4,000 electric three- and four-wheelers across the nation. Beyond strengthening its presence in Bengaluru, Mysuru, Delhi, Gurgaon, Noida, Hyderabad, and Mumbai, the funds will support Magenta Mobility’s market growth into eight additional cities across India over the next two years.
