This was a Series A1 funding round from Magenta Mobility.

Magenta Mobility, an electric mobility solutions provider based in Mumbai, has secured $22 million (approximately Rs 180 crore) in Series A1 funding from bp Ventures and Morgan Stanley’s India-focused infrastructure fund. The investment will be used to expand the number of electric vehicles from 750 to 4,000 by March 31, 2024, as well as to expand operations in 15 cities and enhance tech capabilities.

Magenta Mobility offers integrated electric mobility solutions, including electric vehicles, charging infrastructure, and software, and has nearly 35 customers, including Amazon, BigBasket, Flipkart, and Udaan. The company claims to have grown five times year-on-year since its inception in 2018 and has previously received investments from Jito Angel Network and LetsVenture. (VCCircle)

This investment marks bp Ventures’ second investment in India’s electric mobility sector, following its investment in ride-hailing startup BluSmart Electric Mobility. In a statement, Sashi Mukundan, president of bp India and senior vice president of bp, stated that the investment presented an opportunity to further advance decarbonizing mobility.

Shyamsundar Gurumoorthy, managing director and co-head of Morgan Stanley India Infrastructure, added that there are tailwinds supporting electric vehicle adoption by large customers for economic and sustainability motivations.

Morgan Stanley’s India Infrastructure investing platform began fundraising in 2016 with a targeted corpus of $750 million and has since backed companies such as Athulya Senior Care and Chennai-based iBus Networks and pallet pooling firm LEAP India.

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