Magenta Mobility raises ₹100 crore pre-Series B, eyes ₹400-500 crore Series B
The Amazon/Flipkart fleet partner scales 2,700 electric 3-wheelers with bp and Morgan Stanley backing.
Mumbai-based Magenta Mobility — the EV fleet operator working with Amazon and Flipkart — raised ₹100 crore (~$11.5M) in a pre-Series B round split between equity and debt.
The round
- Equity (₹50 Cr): bp (BP Tech Ventures) + Morgan Stanley India Infrastructure, ₹25 Cr each
- Debt (₹50 Cr): separate funding
- Next: Series B of ₹400–500 crore planned within ~6 months
Fleet & infrastructure
- 2,700 electric three-wheelers (L5 category)
- 100 charging depots
- Founded 2018 by Maxson Lewis; raised $22M Series A1 from bp + Morgan Stanley previously
Magenta is part of a cluster of fleet operators (with Zypp, BluSmart, Euler) riding the e-commerce last-mile electrification wave. bp's continued backing signals energy majors see EV fleet operations as a natural extension of their business.
Why it matters
Mid/last-mile fleet operators are becoming the reliable revenue layer of the EV ecosystem — and their funding rounds are increasingly equity + debt hybrids, reflecting the asset-heavy nature of the business.
Fleet operators raise smaller, steadier rounds than manufacturers — but they're the ones with predictable monthly revenue and real utilisation data.Advertisement
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