New Delhi: Magenta Mobility, an Indian electric vehicle (EV) startup, has recently secured $22 million in funding from BP and Morgan Stanley India Infrastructure. The company plans to use the funds to expand its operations in India and accelerate the development of its EV technology.
Magenta Mobility was founded by Maxson Lewis, a former Mahindra Electric executive. The company’s primary focus is on creating innovative EV solutions for the Indian market, including battery-powered electric bicycles, scooters, and three-wheelers.
With its latest funding round, Magenta Mobility aims to expand its product portfolio and develop new EV technologies to meet the growing demand for sustainable transportation solutions in India. The company is also planning to expand its manufacturing capabilities and set up a network of charging stations across the country.
BP, one of the investors in Magenta Mobility’s latest funding round, is a major player in the global energy industry. The company has been investing heavily in EV technology and infrastructure in recent years, as part of its efforts to transition towards a low-carbon future.
Morgan Stanley India Infrastructure, another investor in Magenta Mobility, is a leading infrastructure investment firm in India. The firm has a track record of investing in innovative and sustainable infrastructure projects, including renewable energy, transportation, and logistics.
The funding from BP and Morgan Stanley India Infrastructure is a significant milestone for Magenta Mobility, as it enables the company to continue its mission of creating sustainable and accessible transportation solutions for the Indian market. The company’s innovative approach to EV technology and its commitment to sustainability have made it a promising player in the Indian EV market, which is projected to grow rapidly in the coming years.
Overall, Magenta Mobility’s latest funding round highlights the growing interest in the Indian EV market and the importance of sustainable transportation solutions in the global energy transition. As the world moves towards a low-carbon future, companies like Magenta Mobility are well-positioned to drive innovation and accelerate the adoption of EV technology.