1. Home
  2. News
  3. Press releases
  4. bp invests $11m in one of India’s largest electric mobility solutions providers, Magenta Mobility

bp invests $11m in one of India’s largest electric mobility solutions providers, Magenta Mobility

Last edited:
5 April 2023
  •  Magenta Mobility is one of India’s largest providers of electric mobility for last-mile delivery, the journey from hub to customer.
  • It currently operates in seven cities across India and will use the capital to continue its expansion, bringing electric vehicles and its pioneering tech-enabled services to its customers across the country.
  • India is a key market for bp’s global electrification business, bp pulse. 

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.


The pace of growth for electric vehicles in India, especially in ‘last mile’ delivery, is extraordinary and is playing a major role in decarbonising cities. We’re very proud to make bp’s first venture-led entry into India’s last-mile delivery market and our second in the Indian mobility sector. The e-commerce delivery market is expected to grow fourfold by 2030 and Magenta Mobility’s position in the market, as well as its ability to optimise the use of electric fleets, strengthens bp’s e-mobility presence in India and leaves us well placed for further growth.”Gareth BurnsVice president of bp ventures


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.


This investment from bp ventures is a significant milestone for Magenta Mobility as we look to build on our strong foundations of the last 4 years. This investment and backing will catapult us in scaling our tech-led electric mobility platform across the country. Magenta was one of the pioneers of electric vehicle charging in India. We understand the pain points, limitations for EV adoption in commercial fleet operations and have developed technology solutions to address these issues. Today, our fleet of EVs is delivering for some of India’s largest and most successful companies, and our software solutions are leading the way in the electrification of logistics. We’re excited about our relationship with bp and bp pulse, as we continue to electrify and decarbonise logistics in India.”Maxson LewisFounder and Managing Director of Magenta Mobility


To date, bp ventures has invested over $1bn and actively manages 40 investments across seven geographies, including 14 in the mobility space. 


About bp ventures:

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

Further enquiries

bp press office, London: +44(0)7831 095541, +44(0)7919 217511, bppress@bp.com

Kekst CNC, London: +44 (0)20 3755 1630, bpventures@kekstcnc.com 

Cautionary statement

In order to utilize the ‘safe harbor’ provisions of the United States Private Securities Litigation Reform Act of 1995 (the ‘PSLRA’), bp is providing the following cautionary statement. This press release contains certain forward-looking statements – that is, statements related to future, not past events and circumstances – which may relate to one or more of the financial condition, results of operations and businesses of bp and certain of the plans and objectives of bp with respect to these items. These statements are generally, but not always, identified by the use of words such as ‘will’, ‘expects’, ‘is expected to’, ‘aims’, ‘should’, ‘may’, ‘objective’, ‘is likely to’, ‘intends’, ‘believes’, ‘anticipates’, ‘plans’, ‘we see’ or similar expressions. Actual results may differ from those expressed in such statements, depending on a variety of factors including the risk factors set forth in our most recent Annual Report and Form 20-F under “Risk factors” and in any of our more recent public reports.


Our most recent Annual Report and Form 20-F and other period filings are available on our website at www.bp.com, or can be obtained from the SEC by calling 1-800-SEC-0330 or on its website at www.sec.gov