The Mumbai-based EV platform will introduce electric three-wheelers in the L5 category in new markets. The EVET launched by Magenta in Bengaluru has seen a two-fold increase in sales on a month-on-month basis. In its next phase, the Magenta EV will enter the southern markets starting from Hyderabad by the end of December 2022.
Darryl Dias, Co-Founder, Magenta Group, says that the company is extremely proud and excited to launch end-to-end logistics services with its IoT, and AI-enabled electric fleets in Mumbai and Chennai. With new markets, we aim to provide eco-friendly logistics services through our EV fleet, which will help cities adopt a carbon-free ecosystem to reduce pollution.
The EVET EV fleet is used to transport medium and large sized cargo and offers significant cost savings. The average running cost of an electric vehicle is around Rs 1.5-2 per km, while that of a petrol vehicle is around Rs 8-9 per km.
These vehicles run on EVET’s proprietary Fleet Management System (FMS) designed in-house that provides real time data for track and trace, dedicated service support and operational efficiency through a driver training and certification program.
Funded by HPCL in 2018 and incubated by Shell in 2019, Magenta is also supported by the Microsoft start-up program to further strengthen its advanced technology platform for electric mobility.
In 2020, Magenta raised pre-series funding from Jan Angel Network and LetsVenture. In May 2021, Magenta announced that it has closed its Series A funding by renowned Indian American philanthropist, billionaire and entrepreneur, Dr Kiran Patel. The brand is currently in discussions to raise Series B funding in 2022.