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action or later. Please see Debugging in WordPress for more information. (This message was added in version 6.7.0.) in /home4/scienrds/scienceandnerds/wp-includes/functions.php on line 6114Source:https:\/\/techcrunch.com\/2023\/04\/05\/magenta-mobility-funding-morgan-stanley-bp-ventures\/<\/a><\/br> Indian electric mobility startup Magenta Mobility has closed a $22 million Series A1 round, comprising $11 million each from Morgan Stanley India Infrastructure and BP Ventures. Magenta will use the all-equity investment to boost its existing logistics and last-mile delivery fleet operations.<\/p>\n The Navi Mumbai-headquartered startup has a fleet of 800 three-wheeled electric cargo trucks with which it delivers goods in seven cities across the country: Bengaluru, Delhi, Mumbai, Mysuru, Hyderabad, Gurugram and Noida. Magenta aims to use the funding to expand into eight new cities in the next two years and grow its fleet to 4,000 three- and four-wheeled EVs in the next year. The company partners with local and global OEMs to build its fleet including Tata Motors, Mahindra, Piago, Omega Seiki and Euler.<\/p>\n Magenta currently has about 35 customers, including e-commerce and grocery delivery companies such as Flipkart, BigBasket, Udaan and Amazon. The startup has also started handling deliveries of food, grains and water and mattresses as commercial EV adoption gains steam in the country. Magenta says it has conducted nearly 70 million deliveries covering 6.4 million kilometers, of which 60% have come from e-commerce.<\/p>\n Maxson Lewis, Magenta\u2019s founder and managing director, wouldn\u2019t share details about the company\u2019s revenues, but said the startup has seen 5x growth every year. The firm has a team of 200 members in offices across four cities.<\/p>\n The investment from BP Ventures is more than just a financial partnership. BP brings access to its network of strategic partners, as well as a wealth of knowledge collected from its 14 previous mobility investments and $27 million invested in India to date. Magenta is the venture firm\u2019s second investment in the country, following EV ride-hailing startup BluSmart last year.<\/p>\n The partnership also gives Magenta access to Jio-BP, the joint venture between BP and India\u2019s Reliance Industries, as the exclusive EV charging partner for the startup\u2019s fleet. Jio-BP has a number of large EV charging hubs as well as hundreds of public charging points in various cities and major highways across the country. The startup will also be able to leverage BP Ventures\u2019 network to grow its strategic partnerships.<\/p>\n India has become a fast-growing EV market, with 2.64 million EVs registered as of March 15, per government data<\/a> produced in the parliament last week. Although the market is largely dominated by electric two-wheelers, the country has over 1.39 million electric three-wheelers.<\/a> The ongoing growth of e-commerce in the country and New Delhi\u2019s aim to reduce India\u2019s carbon footprint<\/a> by 33%\u201335% by 2030 below 2005 levels are expected to boost demand for e-mobility.<\/p>\n \u201cThe pace of growth for electric vehicles in India, especially in \u2018last mile\u2019 delivery, is extraordinary and is playing a major role in decarbonizing cities. We\u2019re very proud to make BP\u2019s first venture-led entry into India\u2019s last-mile delivery market and our second in the Indian mobility sector,\u201d said Gareth Burns, vice president of BP Ventures, in a prepared statement.<\/p>\n
\nMorgan Stanley, BP Ventures back Indian e-mobility startup Magenta<\/br>
\n2023-04-05 22:18:50<\/br><\/p>\nFirst-mover advantage<\/h2>\n