BP, Morgan Stanley back India EV charging station provider

It follows two rounds worth about USD 19m combined in 2021 from local investors JITO Angel Network and Let’s Venture.

Magenta, also known as Chargegrid, positions itself as India’s first EV charging station network and more broadly as an e-mobility services provider. The offering also includes first-mile and last-mile EV logistics and a data dashboard for delivery and fleet management.

The company claims to have installed hundreds of EV charging stations in more than 25 Indian cities, having been commissioned to provide more than 4 megawatts of charging capacity. This infrastructure is said to be fully automated and unmanned, with features such as app-assisted payment and station location support.

The logistics business currently includes 200 three- and four-wheeler vehicles in Bengaluru. Magenta said in a social media post that the latest investment would allow it to expand the fleet to 4,000 nationwide in the coming year.

Partners include Euler Motors, Flipkart, and Amazon. Euler, a three-wheel EV maker that received a USD 60m Series C round last year from GIC, plans to help Magenta deploy 1,000 electric cargo vehicles in Bengaluru, Hyderabad, Mumbai and Chennai.

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• Topics
• South Asia
• Infrastructure
• Cleantech
• Technology
• Expansion
• India
• Morgan Stanley
• corporate venture capital
• Electric Vehicles
• Logistics