bp & Morgan Stanley Commits $22m Equity Investment In Magenta Mobility

bp and an investment fund managed by Morgan Stanley India Infrastructure have committed a total $22 million equity investment into Magenta Mobility, an e-mobility company which specialises in electrification of logistics and last-mile delivery.

Magenta Mobility operates 35 charging and parking hubs in these cities. The company works with some of the country's largest e-commerce, food and online delivery companies.

With more than 100 million online shoppers, and the government’s target of the electrification of e-commerce delivery and logistics by 2030, India is a key market for bp’s global electrification business, bp pulse. bp and Magenta Mobility will also collaborate on electric fleet management software.

Jio-bp - part of bp’s joint venture with Reliance - will be the exclusive EV charging partner for Magenta Mobility’s fleet. 

Maxson Lewis, Founder and Managing Director of Magenta Mobility added: “This investment from bp ventures and Morgan Stanley India Infrastructure is a significant milestone for the Company as we look to build on our strong foundations in the EV space over the last 4 years. This investment and backing will catapult us in scaling our tech-led Electric Mobility platform across the country.

Magenta Mobility plans to expand its fleet to 4,000 three and four-wheel EVs across the country over the next year. The capital will support Magenta Mobility’s market expansion into eight additional cities across India in the next two years beyond strengthening its presence in Bengaluru, Mysuru, Delhi, Gurgaon, Noida, Hyderabad, and Mumbai.

Sashi Mukundan, President of bp India and Senior Vice President of bp said, “This is bp’s first venture-led entry into India’s last-mile delivery market and our second in India’s mobility sector. We are proud to be investing and partnering with Magenta Mobility, to support the company’s growth across India.”

bp is investing heavily in five transition growth engines that will help drive its transition to an integrated energy company, and deliver its net zero plans, including BP PULSETM electric vehicle infrastructure, which is already live in nine countries worldwide.