Magenta Mobility Gets Capital Infusion of $22 Mn From bp, Morgan Stanley India Infra

The firm has shared that with the freshly infused capital, it will look at fleet and geographical expansion while also investing the sum partly in building technology. As part of this investment, bp’s JV with Reliance–Jio-bp– will serve as the exclusive EV charging partner for the fleet of Magenta Mobility.

“We have closed a Series A1 funding round, raising USD 22-million (about Rs 180 crore) with two market key investors– bp of UK and investment fund managed by Morgan Stanley India Infrastructure. These are the two key investors now on board with us,” Lewis told PTI. “It is not a pure investment, it is a strategic investment,” he added.

Magenta to Invest ₹250 Cr in Setting Up EV Mfg Plant in Tamil Nadu

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With the new capital added, the cumulative fund raised by the firm stands at Rs 275 crore. Formerly, it has collected Rs 95 crore in various rounds.

Sashi Mukundan, President, bp India and Senior Vice President, bp, said, “This is bp’s first venture-led entry into India’s last-mile delivery market and our second in India’s mobility sector. We see this investment as an opportunity to further advance decarbonizing mobility solutions.”

“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. “In terms of market opportunity, there are strong tailwinds supporting EV adoption by large customers in their supply chain both for economic and sustainability reasons,” added Shyamsundar Gurumoorthy, Managing Director and Co-Head of Morgan Stanley India Infrastructure.

Magenta Closes Series A Round With new Commitments Worth $15 Mn

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Magenta Mobility has set sights on expanding its market presence into eight more cities. Towards this goal, it is eyeing geographical reach on a quarterly basis.