Magenta Mobility wants $50 million to boost its EV game
Bengaluru's Magenta Mobility is aiming to raise $50 million to ramp up its electric vehicle (EV) logistics fleet and charging network.
Backed by bp Ventures and Morgan Stanley, the startup has Kotak Mahindra Capital advising on the deal and is chatting with new investors to fuel its next phase.
What's next for Magenta?
The fresh funds will help Magenta expand its operations across seven cities, including Delhi and Mumbai, as part of its growth since 2018.
After shifting focus from public charging to EV logistics, Magenta saw revenue jump from ₹11.8 crore in FY23 to ₹35.5 crore in FY24—even though losses also grew.
The company now plans to grow its fleet to 4,000 vehicles, tapping into India's fast-growing e-mobility market where nearly half of energy transition deals in 2024 were EV-related.