EV startup Magenta Mobility raises $40 million in equity and debt

Homegrown EV charging and mobility solutions company Magenta Mobility has raised $40 million in its Series B funding in a mix of equity and debt, the media reported.

Backed by Microsoft's global startup programme, the company closed $20 million in equity funding led by two global marquee investors, reports DealStreetAsia. The company raised $20 million in debt in the same round.

Magenta is aiming to expand its geographical presence in cities including Hyderabad, Chennai, Delhi and Chandigarh.

The company has a fleet of 600 3-wheelers and 4-wheelers across the country and expects to have over 4,000 in fiscal 2023-24, the report said.

Last year, the Mumbai-based charging solutions provider announced its collaboration with Amazon India.

Through this partnership, Magenta Mobility works with Amazon India to induct a fleet of electric vehicles including two and four-wheeler electric vehicles for its delivery partners in Hyderabad.

Magenta Mobility's current list of customers includes all the major e-commerce businesses such as Amazon, Flipkart, Bigbasket, Porter and Udaan.

It has a relationship with the electric-vehicle manufacturers such as Tata Motors, Mahindra Electric, Omega Seiki and Euler Motors.

Magenta is a Series A funded company backed by HPCL and investors such as JITO Angel Network, LetsVenture, and Indian-American philanthropist, Dr Kiran Patel.

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