Magenta expands EVET offering to Mumbai and Chennai

EVET by Magenta, the e-mobility platform, which has been running its EV Fleet for urban logistics movement for about a year now in Bengaluru, now enters Mumbai and Chennai Markets. The company informs that it shall roll out over 500+ EV Fleet in the next 3-4 months in both cities.

EVET (Electric Vehicle Enabled Transport) shall enter the new markets with its Electric three-wheelers in L5 categories, which has travelled over 1 million clean (electric) kilometres, offsetting almost 150 metric tonnes of Co2 emissions.

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The EVET EV Fleet is used to transport medium and large-sized cargo and offers significant cost savings. Magenta says that the running cost of an electric vehicle is on an average about Rs 1.5–2 per km, whereas operating a petrol vehicle hovers around Rs 8–9 per km. The Fleet runs on in house designed EVET’s proprietary Fleet Management System that provides real-time data for track and trace, dedicated service support, and operational enablement via the unique driver training and certification programme.

Darryl Dias, Co-Founder, Magenta Group

Darryl Dias, Co-founder of Magenta Group, said, “We at EVET have had success in Bengaluru Markets, from a pilot to a full-fledged run; we strongly believe that the future of urban logistics movement, particularly in the logistics industry, is through electric mobility. To accelerate the adoption of EVs in the end-to-end logistics industry, we are currently investing in deploying new vehicles as well as developing full stack technology for Fleet Management to better manage, monitor, monetize the assets. EVET’s electric fleet is a perfect match for our sustainability goals.”

“With the new markets, we aim to partner with the businesses & neighbourhood stores to provide eco-friendly and delivery services through our EV Fleet, which will help adopt a carbon-free ecosystem to reduce pollution in the cities.” he further adds.

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EVET by Magenta, claims to have witnessed two-fold month on month growth since its launch in the Bangalore Markets. In its next phase, the company shall further penetrate the southern markets starting with the Hyderabad region by the end of December 2022.

Seed funded by HPCL in 2018 & incubated by Shell in 2019, Magenta is also backed by the Microsoft Start-up Program further to strengthen its advanced technology platform for Electric Mobility. In 2020, Magenta had raised pre-series funding from JAN (JITO Angel Network) and LetsVenture. In May 2021, Magenta announced that it had closed its Series A funding by renowned Indian American philanthropist, billionaire, and serial entrepreneur, Dr. Kiran Patel. The brand currently is in discussions to raise Series B funding in 2022.