BP Ventures and Morgan Stanley India Infrastructure each contributed $11 million to the $22 million Series A1 round that Magenta Mobility, an electric transportation startup in India, finalised. Magenta will increase its current fleet operations for last-mile deliveries and logistics with the 100% equity investment.

With a fleet of 800 three-wheeled electric cargo vehicles, the firm with its headquarters in Navi Mumbai transports goods to seven cities throughout the nation: Bengaluru, Delhi, Mumbai, Mysuru, Hyderabad, Gurugram, and Noida. Magenta plans to use its most recent financial injection to increase its fleet size to 4,000 three- and four-wheeled EVs in the following year and to enter eight new cities in the next two years. To provide its fleet, the company collaborates with national and international Manufacturers, including Tata Motors, Mahindra, Piago, Omega Seiki, and Euler, among others.

Magenta serves 35 clients, including online retailers and food delivery services like Flipkart, BigBasket, Udaan, and Amazon. As commercial EV usage increases across the nation, the business has now begun managing deliveries of food, grains, even water and mattresses. Magenta claims to have completed approximately 70 million deliveries totaling 6.4 million kilometres, with e-commerce accounting for 60% of those deliveries.

Magenta's creator and managing director, Maxson Lewis, declined to discuss the business's earnings but claimed that it has grown by 5 times annually. 200 people work for the company and are located in its four cities' offices.

The BP Ventures investment is more than just a business transaction. In addition to bringing access to its network of strategic partners and the experience gained from its 14 prior investments in the mobility sector and $27 million in India to date, BP also brings to the table its 14 prior mobility investments. After investing in EV ride-hailing firm BluSmart last year, Magenta Mobility is BP Ventures' second investment in the nation.

Being the sole EV charging partner for the startup's fleet, the relationship also grants Magenta access to Jio-BP, the joint venture between BP and India's Reliance Industries. Together with hundreds of public charging stations spread throughout numerous cities and important thoroughfares around the nation, Jio-BP operates a number of sizable EV fleet charging hubs. The firm will be able to expand its strategic partnerships by using the network of BP Ventures.