EV startup Magenta Mobility raises $40 million in equity and debt
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
Through this partnership,
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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