Magenta Mobility, Mumbai-based electric mobility startup, has dismissed recent reports suggesting the sale of its public charging infrastructure business to Jio-bp, asserting that while talks are underway to transfer some charging assets to the petroleum major, no acquisition of its charging business has occurred.
In a statement to Inc42, Magenta clarified that ongoing strategic discussions pertain to the transfer of a few charging assets from Magenta to Jio-bp, but there has been no acquisition of Magenta’s charging business itself. This clarification comes in response to a report by CapTable claiming the sale of Magenta’s public charging infrastructure business to Jio-bp, with an agreement reportedly reached a year ago.
Jio-bp, a joint venture between Reliance Industries Ltd and UK-based oil major bp, is an investor in Magenta Mobility. While Magenta hinted at providing further details after joint discussions, it disclosed that it currently operates 69 operational charging depots across India and plans to sell assets of a few charging stations across highways and other locations that are less profitable for the EV company.
Founded in 2018 by Maxson Lewis as a charging solution provider for electric vehicles (EVs), Magenta Mobility has gradually shifted its focus to providing vehicle fleets for logistics and last-mile delivery requirements of various ecommerce companies. With over 1,550 electric three-wheelers in the L5 category for last-mile delivery, Magenta aimed to expand its fleet to over 3,000 vehicles by the end of FY24.
Last April, Magenta secured $22 million (approximately INR 180.6 crore) in its Series A1 funding round from bp and Morgan Stanley India Infrastructure, bringing its total funding to $35 million. This funding injection has facilitated the startup’s growth and expansion initiatives in the rapidly evolving electric mobility sector.
As the electric mobility landscape continues to evolve, Magenta Mobility remains committed to advancing its mission of providing innovative solutions for sustainable transportation while navigating strategic partnerships and operational optimizations in line with its long-term vision. With its ongoing discussions with Jio-bp and its ambitious growth plans, Magenta is poised to play a significant role in shaping the future of electric mobility in India.