magenta Mobility revenues triple in Fy23, losses follow

EV Charging Firm Magenta Mobility Triples Revenue In Fy23

By Saur News Bureau/ Updated On Wed, Feb 14th, 2024

Highlights :

Even as revenues tripled to Rs 18.7 crores for the EV charging focused firm, losses followed the same trajectory, at Rs 39.6 crores

EV Charging Firm Magenta Mobility Triples Revenue In Fy23

Electric mobility and EV charging focused platform Magenta Mobility recorded an approximate threefold rise in scale to Rs 18.7 crore in the fiscal year ending March 2023. The same year, operations contributed over 63% of the total revenue. It generated a revenue of Rs 6.3 crore the preceding fiscal year with close to Rs 6 crore coming in from operations.

Headquartered in Bengaluru, Magenta Mobility works with companies in the e-commerce and food and online delivery segments to induct a fleet of electric vehicles including two and four-wheeler electric vehicles for its delivery partners in Hyderabad. It is partnered with EV manufacturers including Tata Motors, Mahindra Electric, Omega Seiki, and Euler Motors.

Currently it has a fleet of over 200 3-wheelers and 4-wheeler vehicles across Bengaluru. It provides last mile clean mobility to e-commerce businesses such as Amazon, Flipkart, BigBasket, Porter, and Udaan. The Darryl Dias and Maxson Lewis founded company looks at developing an electric ecosystem for employee transport and last-mile deliveries.

Aravind Kumar to Steer Magenta Mobility as Chief Financial Officer

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With a valuation of Rs 458.4 crore, the six-year-old company has raised over Rs 460 crore through 5 fundraises. Held in early 2023, its extended Series A round raked in over Rs 180 crore from the likes of BP Ventures and Morgan Stanley. Prior this, the automotive tech company had over Rs 165 crore in a debt financing round in early 2023.

Employee benefit costs spiked 2.8X to Rs 14.15 crore and represented over 30% of the total expenses, while commissions accounted for over 14% in FY23. The overall expenses grew 2.2X the same fiscal year.

Keeping with the consecutive rise in losses, FY23’s losses spiked 2.9X to Rs 39.6 crore as compared to FY22’s Rs 13.6 crore. Its EBITDA and ROCE improved to about -101% and -14% the same year.