Integrated charging & electric mobility solutions firm and Microsoft-backed Magenta has deployed over 100 electric cargo vehicles under its EVET ((Electric Vehicle Enabled Transport) brand in Bengaluru, in partnership with Euler Motors. The new 100 electric cargo fleet is meant for mid-mile & last-mile delivery servicing e-commerce, food delivery, pharma & other last-mile logistics clients.
Euler Motors will cater to vehicle deliveries and service support, and EVET via its full stack technology and ecosystem, will oversee customer deployments & servicing last mile transportation.
The company said that it has plans to deploy 1000 more in the coming months.
Magenta to target Hyderabad, Chennai, & Bengaluru,
In all, Magenta aims to deploy & operate over 2400 electric vehicles in its fleet in Bengaluru, Hyderabad, Mumbai & Chennai this year. Under EVET, which it launched earlier this year, Magenta is already operating over 400+ electric cargo transport services.
"We are thrilled to be adding an environmentally friendly electric fleet to address the ever-increasing need for last-mile logistics and transportation. Our strong intention is to assist e-commerce and logistics enterprises in scaling up while keeping their sustainability and cost-effectiveness goals in mind," Darryl Dias, Co-founder & Director Magenta said.
Saurav Kumar, Founder and CEO, Euler Motors, said, "We're happy to be partnering with EVET to deploy our highly powered HiLoad EVs for sustainable transportation. With the growing customer confidence, we intend to make our EVs more accessible and strengthen our presence in new markets and delivery hubs of southern India."
Under its eFaas (electric Fleet as a service) operating model, EVET currently offers a comprehensive end-to-end solution. The operating model provides electric vehicles bundled with EV charging, parking hubs and full-stack software technology for managing, monitoring & monetizing assets
Magenta said EVET has witnessed 10x growth since its launch in the Bengaluru market in FY22. "By 2025, the company plans to travel 1.5 million green kilometres per month with its Electric Fleet."
Seed funded by HPCL in 2018, Magenta is also backed by the Microsoft Start-up Program further to strengthen its advanced technology platform for Electric Mobility.
Magenta had raised pre-series funding from JAN (JITO Angel Network), LetsVenture & Series A funding by renowned Indian American Dr. Kiran Patel. The company said that it is currently in discussions to raise Series B funding later this year.
