Mumbai-based electric mobility startup Magenta Mobility has secured ₹100 crore ($11.5 million) in a pre-Series B funding round. The funding includes ₹50 crore from existing investors BP Tech Ventures and Morgan Stanley India Infrastructure, with each contributing ₹25 crore. The remaining ₹50 crore was raised through debt financing, though the investors’ names remain undisclosed.
Series B Funding on the Horizon
Magenta Mobility plans to launch a Series B funding round in the next six months, aiming to raise ₹400-500 crore. A source familiar with the matter said, “This pre-Series B round serves as fuel for the upcoming Series B.”
The startup has not responded to queries regarding this development.
Magenta Mobility’s Growth and Expansion
Founded in 2018 by Maxson Lewis, Magenta Mobility began as a charging solutions provider. Over time, it shifted focus to electric vehicle (EV) fleet services for e-commerce companies like Amazon and Flipkart.
The company currently operates 2,700 electric three-wheelers (L5 category) and manages 100 charging depots. It recently diversified its offerings with the launch of NorMinc, a vehicle management platform providing real-time insights, predictive analytics, and operational control for fleet operators and manufacturers.
Fleet Expansion Plans
To strengthen its fleet business, Magenta Mobility recently ordered 100 Eicher Pro X small trucks. These vehicles will be deployed in phases across key cities, including Mumbai, Delhi NCR, Bangalore, Hyderabad, and Chennai.
Funding History and Financial Performance
Magenta Mobility previously raised $22 million (₹180.6 crore) in a Series A1 funding round from UK-based energy major bp and Morgan Stanley India Infrastructure. With this latest funding, the company’s total capital raised stands at approximately $35 million.
On the financial front, the startup’s net loss widened by 15%, reaching ₹47.91 crore in FY24, compared to ₹41.68 crore in FY23. However, its operating revenue tripled to ₹35.51 crore in FY24, up from ₹11.84 crore in FY23.
With strong investor backing and expansion plans in motion, Magenta Mobility continues to strengthen its position in India’s growing electric mobility sector.
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