Magenta Raises $40 Million In Series B Funding

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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.

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