Indian electric mobility startup Magenta Mobility has initiated a major funding round aiming to secure up to $50 million to accelerate the expansion of its electric vehicle logistics operations across the country.
Funding Details and Expansion Plans
The Bengaluru-based company has enlisted Kotak Mahindra Capital to manage the fundraise, with discussions reportedly at an advanced stage. According to sources familiar with the matter, the company plans to raise between $35-50 million to fuel its ambitious growth strategy.
This substantial capital injection will primarily support the expansion of Magenta's electric vehicle fleet and charging infrastructure network. The funding round is expected to introduce two new investors to the company's capitalization table, signaling growing confidence in India's electric mobility sector.
Financial Performance and Growth Trajectory
Magenta Mobility has demonstrated impressive revenue growth despite widening losses. The company's revenue from operations surged to ₹35.51 crore in FY24 from ₹11.84 crore in FY23, representing significant year-over-year expansion. However, losses also increased during this period, widening to ₹47.91 crore from ₹41.68 crore.
Looking ahead, the company projects robust revenue growth, with FY26 revenues estimated between ₹125-130 crore, indicating strong confidence in its business model and market position.
Company Background and Market Position
Founded in 2018 by Maxson Lewis, Magenta Mobility began as a public EV charging provider before pivoting to focus exclusively on electric logistics solutions. The company has established itself as one of India's leading providers of electric mobility for last-mile delivery operations.
Currently, Magenta operates across seven major Indian cities: Bengaluru, Delhi, Mumbai, Mysuru, Hyderabad, Gurgaon, and Noida. The company maintains a strategic partnership with Jio-bp, the joint venture between bp and Reliance Industries, serving as the exclusive EV charging provider for its growing fleet.
Magenta plans to significantly scale its operations, targeting an expansion of its fleet to 4,000 three- and four-wheel electric vehicles in the near future.
Previous Funding and Investor Confidence
This new funding initiative comes less than a year after Magenta raised approximately ₹100 crore in combined debt and equity in March 2024. The company's track record includes a successful $22 million Series A round in 2023 led by bp Ventures, the venture capital arm of British Petroleum, and Morgan Stanley India Infrastructure.
The continued support from major international investors underscores the growing importance of electric mobility in India's transportation ecosystem and confidence in Magenta's business strategy.
Competitive Landscape and Market Dynamics
Magenta operates in a increasingly competitive space, facing rivals including EV logistics startups such as Zypp Electric, Alt Mobility, and Fyn Mobility, as well as charging infrastructure providers like ChargePoint and ABB E-Mobility.
The competitive intensity is reflected in recent funding activities across the sector. Zypp Electric secured $6.5 million earlier this year, while Yulu received ₹25.7 crore from Canadian auto-parts manufacturer Magna International in July 2024.
India's electric mobility sector is experiencing rapid growth, driven by broader sustainability initiatives and government support. According to a 2025 EY report, the $62 billion energy transition market has shown increasing focus on electric vehicles and related infrastructure. The report highlighted that e-mobility accounted for 49% of deal volume in 2024, a dramatic increase from just 6% in 2017.
This funding round positions Magenta Mobility to capitalize on the accelerating adoption of electric vehicles in India's logistics sector, contributing to the country's broader transition toward sustainable transportation solutions.
