Magenta Mobility, a provider of electric mobility and charging solutions, has secured debt financing for approximately 350 electric vehicles (EVs) through the Green Finance Scheme by the Small Industries Development Bank of India (SIDBI). This funding, obtained from SIDBI, will support the expansion of Cargo Electric Vehicles for last-mile deliveries in the Delhi-NCR region.
SIDBI’s ongoing “Mission 50K-EV4ECO” initiative is in line with India’s EV30@30 policy, which aims to fund the procurement of 50,000 EVs. The mission seeks to grow the EV market with more favorable financing terms and serves as a foundation for the upcoming EVOLVE scheme, a collaboration between SIDBI and the World Bank.
During its initial phase, the mission will encourage the adoption of two-, three-, and four-wheelers, providing direct lending to micro, small, and medium enterprises (MSMEs) as well as indirect lending to non-banking financial companies (NBFCs).
Maxson Lewis, Founder and Managing Director of Magenta Mobility, remarked, “This initiative by SIDBI, offering improved financing terms for the EV ecosystem, significantly addresses the current challenges of high-interest rates as well as limited financing options prevalent in the electric mobility sector.”
Currently, Magenta Mobility operates in various cities, including Bengaluru, Mysuru, Hyderabad, Mumbai, Pune, Delhi, Noida, and Gurgaon, managing a fleet of over 1,000 EVs. The company aims to deploy 10,000 electric vehicles on Indian roads by 2024.
