Magenta Mobility eyes $50 million fundraise to expand EV logistics fleet
MUMBAI: Electric mobility startup Magenta Mobility, backed by bp Ventures and Morgan Stanley, has initiated a process to raise donations of up to $50 million by appointing Kotak Mahindra Capital to handle the fundraising, two people familiar with the matter said.
“The company will provide between $35-$50 million to fund expansion plans,” one of the people cited above said, adding that revenues are forecast for FY26. ₹125-130 crore. Discussions are at an advanced stage and the final deal will likely bring two new investors to the cap table, the person added.
“Proceeds from the fund will be used towards expansion plans, including the EV (electric vehicle) fleet and charging infrastructure,” the other person cited above said.
Both people spoke on condition of anonymity because the discussions are still private. Magenta and Kotak did not respond mint requests for comments.
This happened less than a year after Magenta’s rise ₹100 crore debt and equity in March. In 2023, the company closed a $22 million Series A round led by bp Ventures, the venture arm of London-headquartered British Petroleum, and Morgan Stanley India Infrastructure.
Founded in 2018 by Maxson Lewis, Magenta started out as a publicly traded EV charging provider before moving into all-electric logistics. The company claims to be one of India’s largest electric mobility providers for last-mile delivery, operating in seven cities including Bengaluru, Delhi, Mumbai, Mysuru, Hyderabad, Gurgaon and Noida. It has also partnered with Jio-bp, part of BP’s joint venture with Reliance Industries, as the exclusive EV charging provider for the company’s fleet, which it plans to expand to 4,000 three- and four-wheeler EVs.
Magenta’s revenue from operations increased ₹35.51 crore in FY24 ₹11.84 crore in FY23, while losses are 11.84 crore in FY2023 ₹47.91 crore onwards ₹41.68 crore as per Inc42 report.
The company faces competition from EV logistics startups such as Zypp Electric, Alt Mobility and Fyn Mobility, as well as charging infrastructure providers such as ChargePoint and ABB E-Mobility. Some rivals have also raised funds recently, with Zypp Electric raising $6.5 million and Yulu raising funds earlier this year. ₹25.7 crore from Canadian auto parts maker Magna International in July.
India’s e-mobility sector is growing rapidly, reflecting a broader push towards sustainable energy. The 2025 EY report highlighted that the $62 billion energy transition market is increasingly focused on electric vehicles and related infrastructure, with e-mobility accounting for 49% of transaction volume in 2024, up from just 6% in 2017.
