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Deciphering Magenta Mobility’s Series A1 Funding, Share Distribution, and Valuation

Magenta Mobility, a leading provider of electric mobility solutions, has recently concluded a significant Series A1 funding round, securing $22 million in investment. The round saw participation from bp Ventures, the venture capital arm of energy giant bp, and North Haven India Fund, managed by Morgan Stanley India.

Although Magenta Mobility has not publicly disclosed extensive details regarding the funding round, insights gleaned from regulatory filings shed light on the breakdown of the investment, the composition of the company's cap table, and its precise valuation.

According to filings sourced from the Registrar of Companies, Magenta Mobility's board passed a special resolution to issue 11,753 Series A1 Cumulative Convertible Preference Shares (CCPS) at an issue price of Rs 1,34,701 per share, raising a total of Rs 158.4 crore or $20 million.

In this round, BP Technology injected Rs 88 crore, while North Haven Fund contributed Rs 70.4 crore. Following this investment, Magenta Mobility's post-allotment valuation stands at Rs 458 crore or $56 million

The largest stakeholders in Magenta Mobility,are BP Technologies and North Haven, each holding a 19.2% stake. Additionally, JITO investors and HCPL command 4.5% and 1.3% of shares, respectively. Co-founders Maxson Lewis and Darryl Dias collectively retain a 30% ownership in the company.

Established in 2018, Magenta Mobility operates a fleet of 1,200 electric vehicles, specializing in last-mile delivery services across seven key cities in India, including Bengaluru, Delhi, Mumbai, Hyderabad, Gurugram, Mysuru, and Noida. Its clientele includes prominent names in e-commerce, food delivery, and online services such as Amazon and Flipkart.

With ambitious growth targets, Magenta Mobility aims to expand its fleet to 10,000 electric vehicles by 2024. The company has forged a strategic partnership with EV manufacturer Euler Motors, recently reinforcing their collaboration with an order of 2,000 HiLoad EVs.

Despite the challenges posed by the COVID-19 pandemic, Magenta Mobility has demonstrated robust financial performance. Its operating revenue surged twofold to Rs 11.85 crore in FY23 from Rs 5.59 crore in FY22. However, the company's losses tripled during this period, escalating to Rs 39.65 crore from Rs 13.66 crore.

In conclusion, Magenta Mobility's successful Series A1 funding round, coupled with its strategic partnerships and ambitious expansion plans, underscores its position as a key player in India's electric mobility sector.


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