Indian EV charging and mobility solutions startup raises $40m – EQ Mag
Magenta Mobility has raised a total of $56.2 million in funding over six rounds.
Homegrown electric vehicle (EV) charging and mobility solutions company Magenta Mobility raised $40 million in its Series B funding in a mix of equity and debt.
DealStreetAsia reported that the company closed $20 million in equity funding led by two global marquee investors, and the remaining $20 million was raised as debt funding.
The startup was backed by HPCL and investors such as JITO Angel Network, LetsVenture, and Indian-American philanthropist, Dr Kiran Patel during its Series A funding round. To date, the startup has raised a total of $56.2 million in funding over six rounds.
The current fleet comprises 600 3-wheelers and 4-wheelers across the country. The company expects to expand its fleet to 4,000 in FY 24, and expand its geographical presence to Hyderabad, Chennai, Delhi and Chandigarh, among other cities.
Founded in 2018, the company describes itself as a charging company setting up charging infrastructure. The startup kicked off its operations from Bengaluru, followed by Hyderabad with two charging hubs and 40 operational vehicles. The company partnered with Flipkart last year to deploy 400 electric cargo vehicles to the e-commerce giant for last-mile transportation.
The startup is backed by the Microsoft Startup Programme and collaborated with Amazon India last year to induct 2-wheelers and 4-wheelers for its Hyderabad-based delivery partners.
Magenta Mobility is a provider of EV charging and mobility solutions to the urban freight and transportation segment. The company works with original equipment manufacturers (OEMs) such as Mahindra, Piaggio, Euler, and Alt Green, to procure the vehicles from them, either on lease or loan.
Source: PTI
