- Corporate News
bp ventures backs one of India’s largest providers of e-mobility
bp ventures has invested USD11 million in Magenta Mobility, one of India’s largest providers of electric mobility for last-mile delivery.
The investment forms part of a USD22 million Series A1 equity investment round just completed by Magenta Mobility.
“This investment from bp ventures is a significant milestone for Magenta Mobility as we look to build on our strong foundations of the last four years. This investment and backing will catapult us in scaling our tech-led electric mobility platform across the country,” said Maxson Lewis, founder and managing director 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 decarbonise logistics in India.”
Magenta Mobility operates in seven cities across India, a key market for bp’s global electrification business, bp pulse. India has more than 100 million online shoppers. The government has set a target to electrify e-commerce delivery and logistics by 2030,
Magenta Mobility currently has more than 750 three-wheeler electric vehicles (EVs) providing electrified last mile delivery logistics. The company plans to expand its fleet to 4,000 three- and four-wheel EVs across the country over the next year. Jio-bp, which is part of bp’s joint venture with Reliance, will be the exclusive EV charging partner for Magenta Mobility’s fleet. Within a few years of operations, Jio-bp has constructed and launched many of India’s largest EV fleet charging hubs along with hundreds of public charge points in various cities and major highways across the country.
Magenta Mobiliy also provides delivery optimisation software to its customers, including some of the largest e-commerce, food, and online delivery companies in the country.
bp and Magenta Mobility will also collaborate on electric fleet management software.
“The pace of growth for electric vehicles in India, especially in ‘last mile’ delivery, is extraordinary and is playing a major role in decarbonising 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. 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 optimise the use of electric fleets, strengthens bp’s e-mobility presence in India and leaves us well placed for further growth,” said Gareth Burns, vice president of bp ventures.