bp ventures invests $11 million in Magenta Mobility
bp ventures, the corporate venture capital arm of BP on Wednesday announced that it has invested $11 million in Magenta Mobility, one of India's leading electric mobility solutions provider that specializes in the electrification of logistics and last-mile delivery fleet.
The latest round of investment is part of a $22 million Series A1 equity investment round completed by Magenta Mobility recently.
"The pace of growth for electric vehicles in India, especially in 'last mile' delivery, is extraordinary and is playing a major role in decarbonizing cities. We're very proud to make bp's first venture-led entry into India's last-mile delivery market and our second in the Indian mobility sector," said Gareth Burns, VP, bp ventures.
"The e-commerce delivery market is expected to grow fourfold by 2030 and Magenta Mobility's position in the market, as well as its ability to optimize the use of electric fleets, strengthens bp's e-mobility presence in India and leaves us well placed for further growth."
Magenta Mobility currently operates in seven cities across India and will use the latest capital infusion for further expansion of its EVs and delivery optimization software across eight additional cities in the country. As for bp, India is a key market for its global electrification business, bp pulse. The two companies will collaborate on electric fleet management software.
Over the next year, Magenta Mobility plans to expand its fleet to 4,000 three-wheeler and four-wheeler EVs across the country, and Jio-bp - part of the bp joint venture with Reliance - will be the exclusive EV charging partner for Magenta Mobility's fleet.
"Magenta was one of the pioneers of electric vehicle charging in India. We understand the pain points, and limitations for EV adoption in commercial fleet operations and have developed technology solutions to address these issues," commented Maxson Lewis, Founder and MD of Magenta Mobility.
"Today, our fleet of EVs is delivering for some of India's largest and most successful companies, and our software solutions are leading the way in the electrification of logistics. We're excited about our relationship with bp and bp pulse, as we continue to electrify and decarbonize logistics in India."
Magenta Mobility currently operates in Bengaluru, Delhi, Mumbai, Mysuru, Hyderabad, Gurgaon, and Noida.