Under EVET, Magenta is already operating over 400+ electric cargo transport services using the electric mobility platform. 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. While Euler Motors will cater to vehicle deliveries and service support, EVET via its full stack technology and ecosystem, will oversee customer deployments & servicing last mile transportation. The key cities targeted for the deployments include Hyderabad, Chennai, Bangalore amongst others.
“Magenta's mission has always been to enable clean mobility. 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” said Darryl Dias, Co-founder & Director Magenta.
Saurav Kumar, Founder and CEO, Euler Motors, said, “Euler Motors is already on its pursuit to bring a real change in EV adoption and aggressively expand its footprint to drive zero emission logistics in India. EVET and Euler Motors are well-aligned with each other, both founded on a premise to create a clean energy ecosystem in India with segment first innovation and solutions; we're happy to be partnering with EVET to deploy our highly powered HiLoad EVs for sustainable transportation. This partnership is a testimony of our thriving vision, and of HiLoad’s unique value proposition which sets it apart in the industry. 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
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 philanthropist, Dr. Kiran Patel. The brand is currently in discussions to raise Series B funding in 2022.
Magenta is a well known charge point operator (CPO). They have been installing fast chargers on highways and also have charging solutions for apartments. It's great to see them venturing into EV fleet management, deliveries and more. Euler Motors have a cargo loader vehicle with payloads of 688 kg and range of around 150 km. Their loaders also have liquid cooled battery packs and support fast charging. These are first in segment features. Very cool indeed.
We wish both Magenta and Euler motors the best of luck and look forward to listening from the teams soon.