Magenta Mobility, a leading e-mobility company in India, specialises in the electrification of logistics and last-mile deliveries – the journey from a distribution center to a home or business. According to the company press release, UK-based energy major BP Ventures has invested $11 million in Magenta Mobility. BP Ventures has invested over $1 billion and manages 40 investments across seven geographies, including 14 in mobility such as Oxford driverless vehicle startup Oxbotica, unmanned aviation tech Flylogix and more.
The investment was part of Magenta Mobility’s $22 million Series A1 equity investment round which also saw participation from Morgan Stanley India Infrastructure-managed investment fund.
India’s government has set a 2030 target for electrifying e-commerce delivery and logistics, making it a key market for BP’s global electrification business, BP pulse. Additionally, BP and Magenta Mobility will collaborate on software for managing electric fleets.
Founded in 2018 as a charging solution provider for EVs by Maxson Lewis, over the next year, Magenta Mobility plans to expand its fleet to 4,000 three- and four-wheel electric vehicles. Jio-bp, part of BP’s joint venture with Reliance, will be Magenta Mobility’s exclusive EV charging partner. Many of India’s largest EV fleet charging hubs have been constructed and launched by Jio-bp within few years of operations, along with hundreds of public charging stations.
Gareth Burns, vice president of bp ventures, said: “The pace of growth for electric vehicles in India, especially in ‘last mile’ delivery, is extraordinary and is playing a major role in decarbonising cities. We’re very proud to make bp’s first venture-led entry into India’s last-mile delivery market and our second in the Indian mobility sector.
“The e-commerce delivery market is expected to grow fourfold by 2030 and Magenta Mobility’s position in the market, as well as its ability to optimise the use of electric fleets, strengthens bp’s e-mobility presence in India and leaves us well placed for further growth.”
A total of seven Indian cities are already served by Magenta Mobility, including Bengaluru, Delhi, Mumbai, Mysuru, Hyderabad, Gurgaon, and Noida. Within two years, Magenta Mobility will expand into eight additional cities with this capital.
In order to achieve its net zero goals, BP is investing heavily in five transition growth engines, including BP PULSETM electric vehicle infrastructure that is already live in nine countries.
Maxson Lewis, Founder and Managing Director of Magenta Mobility added: “This investment from bp ventures is a significant milestone for Magenta Mobility as we look to build on our strong foundations of the last 4 years. This investment and backing will catapult us in scaling our tech-led electric mobility platform across the country.
“Magenta was one of the pioneers of electric vehicle charging in India. We understand the pain points, limitations for EV adoption in commercial fleet operations and have developed technology solutions to address these issues. Today, our fleet of EVs is delivering for some of India’s largest and most successful companies, and our software solutions are leading the way in the electrification of logistics. We’re excited about our relationship with bp and bp pulse, as we continue to electrify and decarbonise logistics in India.”
In addition to Tata Motors, Mahindra, Piago, Omega Seiki and Euler, the company also partners with local and global OEMs. An OEM (original equipment manufacturer) is a company that produces parts and equipment that may be used in another company’s end product. There are currently about 35 customers for Magenta, including e-commerce and grocery delivery companies like Flipkart, BigBasket, Udaan, and Amazon.
