bp ventures has invested $11 million in Magenta Mobility, a leading e-mobility company in India which specialises in the electrification of logistics and last-mile delivery – the journey from a distribution centre to a home or business. The investment forms part of a $22 million Series A1 equity investment round just completed by Magenta Mobility.
Magenta Mobility is one of the country’s largest electric mobility providers with more than 750 3-wheel electric vehicles (EVs) providing electrified last mile delivery logistics. The company also provides delivery optimisation software to its customers, including some of the largest e-commerce, food, and online delivery companies in the country.
With more than 100 million online shoppers, and the government’s target of the electrification of e-commerce delivery and logistics by 2030, India is a key market for bp’s global electrification business, bp pulse. bp and Magenta Mobility will also collaborate on electric fleet management software.
Magenta Mobility plans to expand its fleet to 4,000 three and four-wheel EVs across the country over the next year. Jio-bp - part of bp’s joint venture with Reliance - will be the exclusive EV charging partner for Magenta Mobility’s fleet. Within few years of operations, Jio-bp has constructed and launched many of India’s largest EV fleet charging hubs along with hundreds of public charge points in various cities and major highways across the country.
Magenta Mobility is already present in seven cities across India, namely Bengaluru, Delhi, Mumbai, Mysuru, Hyderabad, Gurgaon and Noida. This capital will support Magenta Mobility’s market expansion into eight additional cities in the next two years.
bp is investing heavily in five transition growth engines that will help drive its transition to an integrated energy company and deliver its net zero plans, including BP PULSETM electric vehicle infrastructure which is already live in nine countries worldwide.
To date, bp ventures has invested over $1bn and actively manages 40 investments across seven geographies, including 14 in the mobility space.
bp ventures was set up more than 10 years ago as bp’s corporate venture capital arm. Since then, bp has invested over $1bn in technology companies and is actively managing 40 investments today.
bp ventures makes strategic equity investments in private, high growth businesses accelerating innovation across bp’s transition growth engines: renewables, EV charging, convenience, bioenergy and hydrogen.
For more information visit: bp.com/ventures
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