'Every diesel vehicle off the road is a win'

For MAXSON LEWIS, MD and CEO of Magenta Mobility, this is not just an EV company but a 'man, van and can' model, an ecosystem covering workforce, fleet and client integration

- By Resham Suhail

INDIA'S electric vehicle ecosystem is entering a phase of practical realignment. While two-wheelers and three-wheeler cargo EVs continue to dominate adoption numbers, the larger question, scalability with profitability, remains a complex challenge. Maxson Lewis, Managing Director and CEO, Magenta Mobility, in this interview, tells how the Mumbai-headquartered startup is navigating the unglamorous, capital-intensive yet transformative world of electric cargo transport.

The company has raised Rs 100 crore in a Pre-series B round in March 2025 with Rs 50 crore from BP Tech Ventures and Morgan Stanley India Infrastructure and Rs 50 crore via debt, according to media reports. This follows its $22 million (approximately Rs 180 crore) Series A1 round in April 2023.

A Rs 400-500 crore Series B round is now in the pipeline, as per media reports.

Steady Scaling

The Magenta story is not one of flashy hypergrowth. Lewis is upfront, “We were not the largest, not the fastest. But today, we are the largest.” The company took nearly three years to reach 3,000 vehicles and plans to hit the 10,000-mark within the next 18 months. “Every diesel vehicle Magenta takes off the road is a success for us,” he says.