Mumbai-based electric mobility startup Magenta Mobility has raised INR 100 Cr (about $11.5 Mn) in a mix of equity and debt in its pre-Series B round, sources told Inc42.

The startup has raised INR 50 Cr from its existing investors BP Tech Ventures and Morgan Stanley India Infrastructure, with both investing INR 25 Cr each. The remaining INR 50 Cr was raised via debt funding, the sources added.

However, Inc42 couldn’t ascertain the name of the investors involved in the debt funding round.

Magenta Mobility is also eyeing launching a Series B round of INR 400 Cr to INR 500 Cr in the coming months. “This (pre-Series B round) is the gun powder for Series B, which will take another six months to be formally launched,” one of the sources said.

Magenta Mobility didn’t respond to Inc42’s queries on the development.

Founded in 2018 by Maxson Lewis, Magenta Mobility started as a charging solutions provider for EVs but gradually shifted its focus to providing vehicle fleets for mid and last-mile delivery needs of various ecommerce companies. It works with companies like Amazon and Flipkart.

Magenta Mobility has a fleet capacity of 2,700 electric three-wheelers in the L5 category, and 100 charging depots in its charging infrastructure.

The startup recently diversified its offerings by launching a vehicle management platform NorMinc to provide real-time insights, predictive analytics, and operational control to fleet operators and vehicle manufacturers.

To further bolster its fleet business, it recently placed an order for 100 units of Eicher Pro X small trucks as part of a phased deployment plan. The first batch of trucks will be used in major markets such as Mumbai, Delhi NCR, Bangalore, Hyderabad and Chennai.

Magenta Mobility last from UK-based energy major bp and Morgan Stanley India infrastructure.

Overall, the startup has raised about $35 Mn to date.

On the financial front, its consolidated from INR 41.68 Cr in the previous year. Operating revenue surged 3X to INR 35.51 Cr during the period from INR 11.84 Cr in FY23.

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