BP Ventures, UK-headquartered BP’s venture capital arm, has invested $11 million in Magenta Mobility, an India-based e-mobility solutions provider, as part of the Series A1 equity investment round.

The Indian startup raised $22 million in the new capital round, which also saw participation from Morgan Stanley India Infrastructure-managed investment fund.

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 startup plans to expand its fleet to 4,000 three and four-wheel EVs nationwide over the next year, bp ventures said in a statement.

Gareth Burns, vice president of bp ventures, said that the pace of growth for EVs in India, especially in ‘last mile’ delivery, is extraordinary and plays a major role in decarbonising cities. 

“The e-commerce delivery market is expected to grow fourfold by 2030,” he added.

Magenta Mobility is already present in seven cities across India, namely Bengaluru, Delhi, Mumbai, Mysuru, Hyderabad, Gurgaon and Noida. 

The new capital will support Magenta Mobility’s market expansion into eight additional cities in the next two years, said Maxson Lewis, Founder and Managing Director of Magenta Mobility.

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. 

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

(Editing by Seban Scaria seban.scaria@lseg.com)