Morgan Stanley fund backs $22m round of Indian EV startup

Magenta Mobility founder Maxson Lewis / Photo credit: Magenta Mobility

BP Ventures, the VC arm of UK-based oil and gas major BP, believes that the global ecommerce delivery market will grow 4x by 2030. With the accelerated adoption of electric vehicles in India, the company’s now looking to double down on electric mobility for last-mile delivery.

This is why BP Ventures, alongside Morgan Stanley India Infrastructure, has backed Magenta Mobility, an India-based EV solutions provider. Following the fundraise, the startup is planning to expand its fleet to 4,000 EVs across the country over the next year.

Funding details

• Funding amount: $22,000,000
• Lead investor: BP Ventures
• Other investor: Morgan Stanley India Infrastructure
• Stage: Series A
• Source

Magenta Mobility currently has over 750 EVs providing last-mile delivery logistics to ecommerce, food, and online delivery companies such as Amazon and Flipkart. It also provides delivery optimization software to its customers. The EV firm currently operates 35 charging and parking hubs in India.

According to BP, India is a key market for its electrification business, BP Pulse. Moving forward, Magenta Mobility and BP will be working on projects such as an electric fleet management software offering.

More details