Magenta Mobility, a homegrown electric vehicle (EV) charging and mobility solutions provider, has successfully raised $40 million in its Series B funding round, comprising a blend of equity and debt, as reported by the media.
With support from Microsoft’s global startup program, the company secured $20 million in equity funding, led by two prominent global investors, according to DealStreetAsia. Additionally, Magenta raised $20 million in debt during the same funding round.
Expanding its geographical footprint is a key objective for Magenta, with plans to enter cities such as Hyderabad, Chennai, Delhi, and Chandigarh.
The company currently operates a fleet of 600 three-wheelers and four-wheelers nationwide and anticipates scaling this number to over 4,000 by the fiscal year 2023-24.
In a significant move last year, the Mumbai-based charging solutions provider forged a partnership with Amazon India. Through this collaboration, Magenta Mobility collaborates with Amazon India to introduce electric vehicles, including two and four-wheelers, for its delivery partners in Hyderabad.
Magenta Mobility boasts a client roster that includes major e-commerce giants like Amazon, Flipkart, Bigbasket, Porter, and Udaan.
Furthermore, the company has established partnerships with leading electric vehicle manufacturers such as Tata Motors, Mahindra Electric, Omega Seiki, and Euler Motors.
Initially funded in its Series A round with support from HPCL and investors like JITO Angel Network, LetsVenture, and Indian-American philanthropist Dr. Kiran Patel, Magenta Mobility continues to strengthen its position in the EV charging and mobility solutions sector.
