Magenta Mobility, a homegrown company that provides EV charging and mobility solutions, has raised $40 Million in Series B funding with a mix of debt and equity.
DealStreetAsia reports that the company secured $20 million in equity funding from two prominent global investors. This was in addition to Microsoft’s global startup program. In the same round, the company also raised $20 million in debt.
Magenta aims to increase its geographic presence in cities like Hyderabad, Chennai, Chandigarh, and Delhi.
According to the report, the company currently has 600 three-wheelers as well as four-wheelers in the country. It expects to have more than 4,000 by fiscal 2023-24.
Magenta Mobility currently has customers from all major e-commerce companies like Bigbasket, Amazon, Flipkart, Porter, and Udaan.
It is in close contact with electric-vehicle producers such as Tata Motors, Omega Seiki Mobility, Euler Motors, and Mahindra Electric.
Magenta is a Series A-funded company that was backed by HPCL, along with investors including LetsVenture, JITO Angel Network, and Indian-American Philanthropist Dr. Kiran Patel.