Decoding Magenta Mobility's Series A round, captable and valuation

Electric mobility solutions provider Magenta Mobility recently announced $22 million fundraise as part of a series A1 round from bp Ventures, the venture capital arm of energy conglomerate bp and North Haven India Fund, which is managed by Morgan Stanley India.

While the Mumbai-based company did not disclose more details of the round, Entrackr has sifted through its regulatory filings to decode the round break-up, captable, and exact valuation.

The board at Magenta passed a special resolution to issue 11,753 Series A1 CCPS at an issue price of Rs 1,34,701 per share to raise Rs 158.4 crore or $20 million, its regulatory filing sourced from the Registrar of Companies shows.

BP Technology put in Rs 88 crore while North Haven Fund pumped in Rs 70.4 crore during the Series A1 round. According to data intelligence platform TheKredible, the company has been valued at Rs 458 crore or $56 million (post-allotment).

As per TheKredible, Bp Technologies, and North Haven are the largest stakeholders with 19.2% each followed by JITO  investors and HCPL, which command 4.5% and 1.3% shares, respectively. Company co-founders Maxson Lewis and Darryl Dias collectively own 30% of the company.

Founded in 2018, Magenta operates a fleet of 1,200 electric vehicles specializing in last-mile delivery services across seven cities—Bengaluru, Delhi, Mumbai, Hyderabad, Gurugram, Mysuru, and Noida. The company caters to Amazon, Flipkart and other organizations in e-commerce, food and online delivery segments.

Magenta Mobility has set a goal to increase the number of electric vehicles on the platform to 10,000 by 2024. Magenta has a partnership with EV maker Euler Motors and the duo extended their partnership with a new order of 2,000 HiLoad EVs.

Magenta’s operating revenue jumped 2x to Rs 11.85 crore in FY23 from Rs 5.59 crore in FY22. During the period, the company’s losses saw a three-fold jump to Rs 39.65 crore from Rs 13.66 crore.