Magenta has deployed over 100 electric cargo vehicles under its EVET brand in Bengaluru, in partnership with Euler Motors, the companies plan to deploy 1000 more in the coming months.
Magenta, which launched its e-mobility platform under the EVET (Electric Vehicle Enabled Transport) brand earlier this year, aims to deploy and operate over 2400 electric vehicles (EV) in its fleet in Bengaluru, Hyderabad, Mumbai and Chennai in 2022.
Under EVET, Magenta is already operating over 400 electric cargo transport services using the electric mobility platform. The new 100 electric cargo fleet is meant for mid-mile and last-mile delivery servicing e-commerce, food delivery, pharma and other last-mile logistics clients.
While Euler Motors will cater to vehicle deliveries and service support, EVET via its full-stack technology and ecosystem will oversee customer deployments and service last-mile transportation. The key cities targeted for the deployments include Hyderabad, Chennai, and Bangalore amongst others.
“Magenta’s mission has always been to enable clean mobility. We are thrilled to be adding an environmentally friendly electric fleet to address the ever-increasing need for last-mile logistics and transportation. Our strong intention is to assist e-commerce and logistics enterprises in scaling up while keeping their sustainability and cost-effectiveness goals in mind” said Darryl Dias, Co-Founder and Director of Magenta.
Saurav Kumar, Founder and CEO of Euler Motors, said, “Euler Motors is already on its pursuit to bring a real change in EV adoption and aggressively expand its footprint to drive zero-emission logistics in India. EVET and Euler Motors are well-aligned with each other, both founded on a premise to create a clean energy ecosystem in India with segment-first innovation and solutions; we’re happy to be partnering with EVET to deploy our highly powered HiLoad EVs for sustainable transportation.”
He added, “This partnership is a testimony of our thriving vision, and of HiLoad’s unique value proposition which sets it apart in the industry. With the growing customer confidence, we intend to make our EVs more accessible and strengthen our presence in new markets and delivery hubs of southern India.”
Under its eFaas (electric Fleet as a service) operating model, EVET currently offers end-to-end solutions. The operating model provides electric vehicles bundled with EV charging, parking hubs and full-stack software technology for managing, monitoring and monetizing assets.
EVET has witnessed 10x growth since its launch in the Bengaluru market in FY22. By 2025, the company plans to travel 1.5 million green kilometres per month with its Electric Fleet.
Seed funded by HPCL in 2018, Magenta is also backed by the Microsoft Start-up Program further to strengthen its advanced technology platform for Electric Mobility.
Magenta had raised pre-series funding from JAN (JITO Angel Network), LetsVenture and Series A funding by Indian American philanthropist, Dr Kiran Patel. The brand is currently in discussions to raise Series B funding in 2022.