**Magenta Mobility Seeks $50 Million for Expansion in Electric Mobility**
Electric mobility startup Magenta Mobility, supported by bp Ventures and Morgan Stanley, is initiating a fundraising effort to secure up to $50 million. The company has engaged Kotak Mahindra Capital to oversee this fundraising process. According to sources familiar with the situation, Magenta aims to raise between $35 million and $50 million to support its growth initiatives, with projected revenues for FY26 estimated at ₹125-130 crore. Negotiations are reportedly at an advanced stage, with the potential addition of two new investors to the company’s capital structure.
The funds raised will be directed towards expanding Magenta’s electric vehicle (EV) fleet and enhancing its charging infrastructure. Both sources requested anonymity due to the confidential nature of the discussions. Neither Magenta nor Kotak Mahindra Capital has commented on the matter.
This fundraising effort follows a significant capital raise earlier this year, where Magenta secured approximately ₹100 crore in debt and equity in March. In 2023, the company completed a $22 million Series A funding round led by bp Ventures and Morgan Stanley India Infrastructure.
Founded in 2018 by Maxson Lewis, Magenta initially focused on public EV charging before shifting its focus to all-electric logistics. The company has established itself as one of India’s leading providers of electric mobility solutions for last-mile delivery, operating in seven cities, including Bengaluru, Delhi, and Mumbai. Additionally, Magenta has partnered with Jio-bp, the joint venture between bp and Reliance Industries, to serve as the exclusive EV charging provider for its fleet, which is set to expand to 4,000 three- and four-wheeled EVs.
In FY24, Magenta reported operational revenues of ₹35.51 crore, a significant increase from ₹11.84 crore in FY23, although losses also widened to ₹47.91 crore from ₹41.68 crore, as per an Inc42 report.
The company faces competition from other EV logistics startups such as Zypp Electric, Alt Mobility, and Fyn Mobility, as well as charging infrastructure providers like ChargePoint and ABB E-Mobility. Notably, Zypp Electric recently raised $6.5 million, while Yulu secured ₹25.7 crore from Canadian auto-parts manufacturer Magna International in July.
India’s e-mobility sector is experiencing rapid growth, reflecting a broader commitment to sustainable energy solutions. A 2025 EY report indicated that the $62 billion energy transition market is increasingly focused on electric vehicles and related infrastructure, with e-mobility representing 49% of the deals in this space.
**FAQ**
*What is Magenta Mobility’s primary focus?*
Magenta Mobility primarily focuses on providing electric mobility solutions for last-mile delivery and expanding its electric vehicle fleet and charging infrastructure.
