BP, in collaboration with an investment fund managed by Morgan Stanley India Infrastructure, has invested a total of $22 million in Magenta Mobility, a leading electric mobility company in India.
Magenta Mobility specializes in the electrification of logistics and last-mile delivery, providing electrified last mile delivery logistics with more than 750 three-wheel electric vehicles across seven cities in India.
The investment will support Magenta Mobility’s market expansion into eight additional cities across India in the next two years, and the company plans to expand its fleet to 4,000 three and four-wheel EVs across the country over the next year.
The capital will also help strengthen Magenta Mobility’s presence in Bengaluru, Mysuru, Delhi, Gurgaon, Noida, Hyderabad, and Mumbai. Jio-bp, part of BP’s joint venture with Reliance, will be the exclusive EV charging partner for Magenta Mobility’s fleet, while BP and Magenta Mobility will collaborate on electric fleet management software.
With the Indian government’s target of the electrification of e-commerce delivery and logistics by 2030 and a growing e-commerce market expected to quadruple by the same year, BP sees the investment as an opportunity to further advance decarbonizing mobility solutions.