Electric mobility solutions provider Magenta on Wednesday closed a Series A1 funding round with USD 22 million equity investment from the UK-headquartered bp and Morgan Stanley India Infrastructure-managed investment fund, according to media reports.
With this development, bp and Magenta Mobility will also collaborate on electric fleet management software.
The company plans to deploy the freshly raised capital in fleet and geographical expansion besides investing a part of the funds in technology, Maxson Lewis, Founder and Managing Director, Magenta Mobility shared.
As per media reports, bp’s joint venture with Reliance–Jio-bp– will be the exclusive EV charging partner for Magenta Mobility’s fleet.
With more than 100 million online shoppers, and the government’s target of electrification of e-commerce delivery and logistics by 2030, India is a key market for bp’s global electrification business, bp pulse, Magenta said.