PE Fund Investments
Magenta Mobility raises $22-M from bp, Morgan Stanley India Infra
Pune-based electric mobility solutions provider Magenta Mobility has closed a Series A1 funding round with USD 22 million equity investment from the UK-based bp and Morgan Stanley India Infrastructure-managed investment fund. The company plans to deploy the fresh capital in fleet and geographical expansion as well as in technology. Besides, bp's joint venture with Reliance (Jio-bp) will be the exclusive electric vehicle charging partner for Magenta Mobility's fleet. Seed-funded by HPCL, Magenta has 750 electric vehicles operating in the last-mile delivery space across Bengaluru, Delhi, Mumbai, Hyderabad, Gurugram, Mysuru and Noida, catering to e-commerce, food and online delivery players. bp and Magenta Mobility will also collaborate on electric fleet management software.
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