Magenta Mobility raises $22m in Series A1 round with BP Ventures and Morgan Stanley as the key investor

A portion of the $22 million raised in a Series A1 equity investment round by Magenta Mobility, an Indian e-mobility business that specializes in the electrification of logistics and last-mile delivery, came from BP Ventures. BP has made an $11 million investment in the business and intends to work with Magenta on fleet management software. India is a crucial market because of the government's 2030 aim for electrifying e-commerce distribution and logistics. The investment is part of BP's drive into the global electrification sector. During the following year, Magenta intends to increase its fleet to 4,000 three- and four-wheel electric cars.

The rate of growth for electric cars in India, particularly in "last mile" deliveries, is astounding and is significantly reducing the carbon footprint of cities, according to Gareth Burns, vice president of bp Ventures. Magenta Mobility's position in the industry and its capacity to maximize the utilization of electric fleets boost bp's e-mobility footprint in India and position us well for future development as the e-commerce delivery market is predicted to increase fourfold by 2030.