Mumbai-based electric mobility startup Magenta Mobility has raised $22 million in its Series A1 funding round from bp and Morgan Stanley India infrastructure. The startup plans to use the funds to increase its fleet of vehicles, penetrate more cities across the country, and strengthen its overall tech stack. Magenta Mobility has around 800 three-wheeler EV cargo vehicles and has its presence in seven Indian cities, including Hyderabad, Bengaluru, Delhi-NCR, and Mumbai.
The startup sources its three-wheeler EVs from Piaggio, Altigreen Propulsion Labs, Euler Motors, and Mahindra. It works with companies like Amazon and Flipkart and is looking to join hands with more companies in segments such as pharmaceuticals, FMCG, and logistics. In India, the electric vehicle market is dominated by two-wheeler and three-wheeler segments. Two-wheelers are more popular for personal use, while three-wheelers are used for last-mile deliveries and other commercial purposes. The demand for three-wheelers is increasing rapidly due to the growth of the e-commerce industry and the need for efficient last-mile delivery solutions.
Magenta Mobility has raised around INR 300 Cr so far and was backed by HPCL, JITO Angel Network, bp, and Morgan Stanley India infrastructure in its recent Series A1 funding round. In 2021, the startup raised $15 Mn (INR 120 Cr) in a Series A funding round.