Magenta Mobility is an Indian e-mobility company that electrifies logistics and last-mile delivery and provides delivery-optimization software to large e-commerce, food, and online delivery customers. The company operates in seven Indian cities: Bengaluru, Delhi, Mumbai, Mysuru, Hyderabad, Gurgaon and Noida. It plans to expand into eight additional cities over the next two years and to scale its fleet to 4,000 three- and four-wheel electric vehicles across the country over the next year. Magenta's product set combines electric vehicles with delivery optimization and fleet-management software. The company will collaborate with bp on electric fleet management software and Jio-bp will be the exclusive EV charging partner for its fleet. Magenta raised $11M from bp ventures as part of a $22M Series A1 equity round to fund this expansion. Magenta EV Solutions, founded in 2017 by Maxson Lewis and Darryl Dias, develops in-house EV charging hardware and charging software and offers installation services and technical consulting under the ChargeGrid brand. The company sells a lineup of products including the streetlamp-integrated ChargeGrid FLARE and the residential ChargeGrid PRISMA, and says it plans to launch the world’s smallest EV charger in the coming months. Magenta is operating in 10+ cities, has signed multiple high-value customer contracts, and reports rapid expansion with many new contracts in the last three months. It aims to smart-charge 30% of Indian EVs — equivalent to 3,000 GWh annually — by 2030. The business was seed funded by HPCL, incubated by Shell and supported by the Microsoft Startup Program; earlier pre-series funding came from JAN (JITO Angel Network) and LetsVenture. The latest capital infusion is intended to fund product development and to grow an international footprint.

Total raised

$38M

Funding rounds

2

Latest round

Series A

Latest activity

Apr 2023