Magenta Mobility, a leading e-mobility company focussing on electrification of logistics and last-mile delivery has got a commitment of around $22 million (Rs 181 crore) from bp and an investment fund managed by Morgan Stanley India Infrastructure in equity investment.
At present, the electric mobility company operates more than 750 three-wheelers across seven cities providing last-mile delivery logistics with its 35 charging and parking hubs in these cities.
It is working on an ecosystem approach to provide solutions to all the participants – customers, driver-partners, OEMs, and financiers working with large e-commerce, food, and online delivery companies.
bp says with more than 100 million online shoppers, and the government’s target of the electrification of e-commerce delivery and logistics by 2030 it sees India as a key market for its global electrification business – bp pulse. bp and Magenta Mobility will also collaborate on electric fleet management software.
Furthermore, Jio-bp – part of bp’s joint venture with Reliance – will become the exclusive charging partner for Magenta Mobility’s fleet.
Magenta Mobility aims to expand its fleet to 4,000 electric three0 and four-wheelers across the country over the next year. The funds will support Magenta Mobility’s market expansion into eight additional cities across India in the next two years beyond strengthening its presence in Bengaluru, Mysuru, Delhi, Gurgaon, Noida, Hyderabad, and Mumbai.
Sashi Mukundan, President, bp India and SVP, bp said: “Decarbonising the last-mile is increasingly important in India as the e-commerce market is expected to grow fourfold by 2030, which will require the deployment of huge numbers of new vehicles this decade. With the Indian government setting an ambitious 2030 target for the complete transition to EVs for e-commerce, delivery, and transport logistics service providers, Magenta Mobility through its operations will help decarbonise Indian cities whilst helping meet demand in the fast-growing e-commerce delivery industry. This is bp’s first venture-led entry into India’s last-mile delivery market and our second in India’s mobility sector.”
bp says it is investing heavily in five transition growth engines that will help drive its transition to an integrated energy company, and deliver its net zero plans, including bp pulse electric vehicle infrastructure, which is already live in nine countries worldwide.
Shyamsundar Gurumoorthy, MD and Co-Head, Morgan Stanley India Infrastructure said: “Being one of the early entrants in the charging infrastructure space, the company 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.”
Maxson Lewis, Founder and MD, Magenta Mobility added: “This investment and backing will catapult us in scaling our tech-led electric mobility platform across the country. We understand the pain points, limitations for EV adoption in commercial fleet operations and have developed technology/software solutions to address these issues.”
