The funding will help Magenta Mobility expand into eight more cities in India over the next two years.
05 Apr 2023 | 3768 Views | By Autocar Professional Bureau
bp and Morgan Stanley India Infrastructure have committed US$22 million in equity to Magenta Mobility, an e-mobility firm that focuses on electrifying logistics and last-mile delivery.
The funding will help Magenta Mobility, which runs over 750 three-wheeler electric vehicles, expand into eight more cities in India over the next ...
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bp and Morgan Stanley India Infrastructure have committed US$22 million in equity to Magenta Mobility, an e-mobility firm that focuses on electrifying logistics and last-mile delivery.
The funding will help Magenta Mobility, which runs over 750 three-wheeler electric vehicles, expand into eight more cities in India over the next two years. The company said in a statement that it will also strengthen its presence in Bengaluru, Mysuru, Delhi, Gurgaon, Noida, Hyderabad, and Mumbai.
Jio-bp, a joint partnership between bp and Reliance, will be the exclusive EV charging partner for Magenta Mobility's fleet.
Sashi Mukundan, President, bp India, and Senior Vice President, bp, said that 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 while 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., he added while stating that this was an opportunity to further advance decarbonising mobility solutions.
Shyamsundar Gurumoorthy, Managing Director and Co-Head of Morgan Stanley India Infrastructure, stated that being one of the early entrants in the charging infrastructure space, Magenta Mobility was uniquely positioned to stitch together 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 chains, both for economic and sustainability reasons. We believe that Magenta Mobility will play a leadership role in scaling this industry, consolidating its market-leading position, and supporting the growth of sustainable logistics," he added.