Magenta eyes $50 mn to scale EV fleet, charging network

Electric mobility startup Magenta Mobility, backed by bp Ventures and Morgan Stanley, has launched a process to raise up to $50 million, enlisting Kotak Mahindra Capital to manage the fundraise, two people familiar with the matter said.

- Priyamvada C

“The company will raise anywhere between $35-50 million to fund its expansion plans,” one of the people cited above said, adding that revenues for FY26 are projected at ₹125-130 crore.

Talks are reportedly at an advanced stage, and the final deal is likely to bring two new investors onto the cap table, the person added.