Magenta Mobility to procure 10,000 EVs by March 2026
A new report from the Press Trust of India (PTI) says that Magenta Mobility wants to foray into new cities, including Indore, Kolkata, Nagpur, Nashik, and Vijayawada. The company also wants to increase its focus on the electric four-wheeler space.
Magenta Mobility has introduced interstate transport services on key routes like a 180+ km Delhi-Haryana-UP stretch as well as a 140+ km Delhi-Haryana-UP stretch. The company offers intercity transport as well, from Mumbai to Pune and back, covering 422 km.
With a fleet of more than 2,500 EVs, Magenta Mobility is currently present in 18 cities, including Ahmedabad, Bengaluru, Chennai, Hyderabad, Mumbai, Pune, and Surat. However, only over 500 of these EVs are four-wheelers, which limits its scope of business. These e-4Ws, which are all likely Tata Motors’ Ace EV, have the capability to travel 150 km on a full charge. In October 2023, Magenta Mobility signed a deal with Tata Motors to add 500 units of the Ace EV to its fleet. The collaboration was extended in June.
Magenta Mobility utilises its EV fleet to offer clean transport services to companies in FMCG, e-commerce, grocery, and pharmaceutical sectors. Amazon, BigBasket, Flipkart, Porter, and Udaan are some of its main clients.
Magenta Mobility began its electric logistics business just back in 2021. Well-established global companies like bp Ventures, HPCL, and Morgan Stanley, as well as philanthropist Dr. Kiran Patel and the JITO Angel Network early-stage investment platform are backing the start-up. bp Ventures and Morgan Stanley alone have invested USD 11 million (approximately 10.6 million euros) each in the start-up.
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