Magenta Mobility secures USD 22M investment commitment from bp ventures and Morgan Stanley India Infrastructure

• bp and Morgan Stanley India Infrastructure commit $22m to Magenta Mobility.

• Magenta Mobility is an electric mobility solution provider for last-mile delivery that currently operates in seven Indian cities.

bp ventures has invested $11 million in Magenta Mobility, an e-mobility company in India which specialises in the electrification of logistics and last-mile delivery – the journey from a distribution centre to a home or business. Magenta Mobility has more than 750 electric 3Ws in its fleet for last-mile delivery logistics. The company also provides delivery optimisation software to its customers, including e-commerce, food, and online delivery companies.  

Magenta Mobility is already present in seven cities across India, namely Bengaluru, Delhi, Mumbai, Mysuru, Hyderabad, Gurgaon and Noida. This capital will support Magenta Mobility’s market expansion into eight additional cities in the next two years. Magenta Mobility plans to expand its fleet to 4,000 three and four-wheel EVs across the country over the next year. Jio-bp – part of bp’s joint venture with Reliance – will be the exclusive EV charging partner for Magenta Mobility’s fleet.

“This investment from bp ventures is a significant milestone for Magenta Mobility as we look to build on our strong foundations of the last 4 years. This investment and backing will catapult us in scaling our tech-led electric mobility platform across the country. Magenta was one of the pioneers of electric vehicle charging in India. We understand the pain points, limitations for EV adoption in commercial fleet operations and have developed technology solutions to address these issues. Today, our fleet of EVs is delivering for some of India’s largest and most successful companies, and our software solutions are leading the way in the electrification of logistics. We’re excited about our relationship with bp and bp pulse, as we continue to electrify and decarbonise logistics in India“, said Maxson Lewis – Founder and Managing Director of Magenta Mobility.

“The pace of growth for electric vehicles in India, especially in ‘last mile’ delivery, is extraordinary and is playing a major role in decarbonising cities. We’re very proud to make bp’s first venture-led entry into India’s last-mile delivery market and our second in the Indian mobility sector. The e-commerce delivery market is expected to grow fourfold by 2030 and Magenta Mobility’s position in the market, as well as its ability to optimise the use of electric fleets, strengthens bp’s e-mobility presence in India and leaves us well placed for further growth“, said Gareth Burns, Vice president of bp ventures.

bp is investing heavily in five transition growth engines that will help drive its transition to an integrated energy company and deliver its net zero plans, including BP PULSE^TM electric vehicle infrastructure which is already live in nine countries worldwide. With more than 100 million online shoppers and the government’s target of the electrification of e-commerce delivery and logistics by 2030, India is a key market for bp’s global electrification business, bp pulse. bp and Magenta Mobility will also collaborate on electric fleet management software. 

To date, bp ventures has invested over $1bn and actively manages 40 investments across seven geographies, including 14 in the mobility space. bp ventures was set up more than 10 years ago as bp’s corporate venture capital arm. bp ventures makes strategic equity investments in private, high-growth businesses, accelerating innovation across bp’s transition growth engines: renewables, EV charging, convenience, bioenergy and hydrogen.