Magenta, India’s homegrown EV charging and mobility solutions company, has amassed $22 million in equity investment its Series A1 funding round from the UK-headquartered bp and Morgan Stanley India Infrastructure-managed investment fund, as it looks to expand its operations and ramp up technology.
This marks a strategic round for the Pune-based company which is looking to expand its fleet and spread out its geographical reach over the next few months.
Seed-funded by HPCL, Magenta currently operates 750 electric vehicles across seven cities namely Bengaluru, Delhi, Mumbai, Hyderabad, Gurugram, Mysuru, and Noida. It has as many as 35 charging and parking hubs in these cities.
Going forward, it is targeting to have a 4,000-vehicle fleet comprising both three and four-wheelers. Magenta currently counts some of the leading e-commerce, food, and online delivery players among its clients.
With the current round, the total amount raised by the company stands at Rs 275 crore. It has earlier mopped up Rs 95 crore across various rounds from investors, including Indian-American philanthropist and serial entrepreneur Kiran Patel.
Decarbonising the last-mile delivery market in India is gathering steam as the e-commerce market witnesses significant growth.
According to a report by Bain and Company, India currently has the third-largest online shopper base in the global market, with the number standing at 180-190 million. Going forward, it is expected to grow significantly as more number of shoppers go online from the offline medium.
Over the next five years, the e-retail market in India is estimated to touch $150-170 billion, the report further stated.