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Magenta Mobility Shrugs Off Charging Infra Biz Sell Out; In Talks To Transfer A Few Charging Assets

Inc42 · 1y ago

Magenta Mobility Shrugs Off Charging Infra Biz Sell Out; In Talks To Transfer A Few Charging Assets

Magenta Mobility, an Indian electric mobility startup, has denied claims that it is selling off its public charging infrastructure business to Jio-bp. While the company confirmed ongoing discussions to transfer some charging assets to Jio-bp, it clarified that there is no acquisition of Magenta's charging business itself. Magenta currently operates 69 charging depots in India and plans to sell assets of a few charging stations that are not profitable. Jio-bp is a joint venture between Reliance Industries and UK-based oil major bp.

Related News

Electric mobility startup Magenta Mobility raises debt financing from SIDBI for 350 EVs

IndianStartupNews

IndianStartupNews · 1y ago

Electric mobility startup Magenta Mobility raises debt financing from SIDBI for 350 EVs

Indian electric mobility and charging solutions startup, Magenta Mobility, has secured debt financing to acquire around 350 electric vehicles (EVs) through the Small Industries Development Bank of India's (SIDBI) Green Finance Scheme. The funds will be used to expand its deployment of Cargo Electric Vehicles for last-mile deliveries in the Delhi-NCR region. SIDBI's "Mission 50K-EV4ECO" initiative aims to accelerate EV adoption in India by financing the acquisition of 50,000 EVs, offering improved financing terms to support the growth of the local EV ecosystem. Magenta Mobility currently operates a fleet of over 1,000 electric vehicles in multiple cities.

EV charging infra startup Charge Zone scoops up $19 Mn

Entrackr

Entrackr · 1y ago

EV charging infra startup Charge Zone scoops up $19 Mn

Electric vehicle (EV) charging network Charge Zone has received a $19 million commitment from British International Investment (BII), the UK’s development finance institution (DFI) and impact investor. In March last year, the Vadodara-based startup scooped up $54 million in its Series A1 funding round led by BlueOrchard Finance. Charge Zone will use the funds for expansion of its high-speed charging network for electric cars, buses, and trucks across key cities and highways in India, the company said in a press release. It also plans to roll out more than 1,500 supercharging stations over the next 18 months and reach a portfolio of over 10,000 charging stations by 2027. Led by Kartikey Hariyani, the six-year-old Charge Zone provides super-fast EV charging with more than 3,200 points across more than 400 locations in India and UAE. The firm has tied up with several OEMs and e-mobility companies including Hyundai, Mahindra & Mahindra, Ashok Leyland, Volvo Eicher, Tata Motors, Marriott, Hyatt, Fortune, and Landmark Group. Charge Zone added that the investment from BII is a part of their long-term plan to create a network of one million charging points for all 4W categories of vehicles including cars, buses and trucks by 2030. It will focus on key markets such as Delhi, Ahmedabad, Mumbai, Pune, Hyderabad, Bengaluru and Chennai. For the fiscal year ended in March 2023, the company reported nearly three fold jump in its operating revenue to Rs 46.93 crore, according to startup data intelligence platform TheKredible. During the period, its losses surged two fold to Rs 9.89 crore. In the rapid EV charging space, it competes with ElectricPe, Bolt.Earth, Ather Energy, BluSmart, Magenta Power, among others.

India needs IN-SPACe-like platform for EV charging infra, say experts

Economic Times

Economic Times · 6m ago

India needs IN-SPACe-like platform for EV charging infra, say experts

Experts emphasize the need for robust EV charging infrastructure as India's mobility market shifts towards electrification. Current challenges include inadequate chargers, land acquisition delays, and regulatory approvals. India requires 3.9 million charging stations by 2030, with a current ratio of one charger per 135 EVs, far below global averages. Suggestions include adopting single-window clearance systems, standardizing charging ports, and increasing investments in startups. Government initiatives aim to expand charging stations across highways and underserved cities.

Macquarie Capital picks up minority stake in EV infra maker ChargeZone

VCCircle

VCCircle · 1y ago

Macquarie Capital picks up minority stake in EV infra maker ChargeZone

Macquarie Capital, the investment arm of Macquarie Group, has acquired a minority stake in ChargeZone, an electric mobility solutions company in India. The investment will support ChargeZone's development of its cloud-enabled EV charging network and drive the company's growth. ChargeZone specializes in building charging networks for electric buses, trucks, and cars and aims to reach one million charging points by 2030. Macquarie Capital continues to seek investment opportunities in the digital infrastructure and energy transition sectors in India and across Asia.

Edelweiss Alternatives hits funding milestone for second infra-focussed fund

VCCircle

VCCircle · 1y ago

Edelweiss Alternatives hits funding milestone for second infra-focussed fund

Mumbai-based alternative asset manager, Edelweiss Alternatives, has raised approximately $967 million for its second infrastructure fund, Edelweiss Infrastructure Yield Plus II, even though the fund has not yet reached its final close. The capital has been raised from a variety of limited partners, including global pension funds, domestic and offshore institutions, family offices, and ultra-high-net-worth individuals. Edelweiss Group Vice Chairman, Venkat Ramaswamy, believes that India's market opportunity for core infrastructure assets will grow to around $2.5 trillion in the next few years. The company's assets under management are valued at over $6.3 billion.

[Exclusive] Charging startup Statiq to raise $50M in Series B round: Sources

YourStory

YourStory · 1y ago

[Exclusive] Charging startup Statiq to raise $50M in Series B round: Sources

Indian electric vehicle charging network and operator, Statiq, is reportedly raising around $50 million in its Series B funding round. The Gurugram-based company is in talks with existing investors, including Shell Ventures and Y Combinator, as well as considering offers from new investors. Statiq provides charging infrastructure, sells chargers, and offers a mobile application to help users find nearby charging points from multiple operators. The company aims to expand its charging network from 7,000 to 20,000 by 2025 and has recently partnered with Cube Stop Highway Rest Areas and Tata Passenger Electric Mobility to support its growth.

Paytm Puts Its Wallet Biz On Sale, Jio Financial, HDFC Frontrunners

OutlookIndia

OutlookIndia · 1y ago

Paytm Puts Its Wallet Biz On Sale, Jio Financial, HDFC Frontrunners

Paytm is reportedly in talks with potential investors to sell its wallets business. HDFC Bank and Jio Financial Services are said to be the frontrunners in acquiring this segment of the company. The Reserve Bank of India recently stopped Paytm Payments Bank from onboarding new customers and carrying out certain activities, prompting these sale discussions. Paytm's shares have seen a significant decline, while Jio Financial's shares have surged.

EV Charging infra provider Bolt.Earth fires about 20% of its workforce

Inc42 · 1y ago

EV Charging infra provider Bolt.Earth fires about 20% of its workforce

Bolt.Earth, a Bengaluru-based electric vehicle charging infrastructure and operating system provider, has laid off around 15-20% of its workforce in a restructuring exercise. However, sources indicate that the layoffs impacted as much as 35% of the startup's employees. The company cited uncertainty surrounding the FAME II scheme as the reason for the layoffs. Bolt.Earth had recently raised $20 million in funding and is currently in discussions to secure an additional $50 million.

Zelestra looks to sell India biz for $400-500 mn

Livemint

Livemint · 1m ago

Zelestra looks to sell India biz for $400-500 mn

Zelestra, a multinational energy firm, plans to sell its India business for $400-500 million to reduce debt, capitalizing on high local market valuations. The company’s Indian assets include hybrid projects with solar, wind, and battery storage. Zelestra has reached out to potential buyers like Brookfield, JSW Group, Sembcorp, Serentica, and Macquarie. JP Morgan is assisting the EQT-backed firm in the sale process, with formal proceedings expected to commence shortly.

Uber in early discussions with EV ride-hailing startup BluSmart for a possible acquisition

Economic Times

Economic Times · 5m ago

Uber in early discussions with EV ride-hailing startup BluSmart for a possible acquisition

Uber Technologies is in early discussions to acquire BluSmart Mobility, an all-electric cab service operator based in Gurugram. This potential acquisition could enhance Uber's foothold in India's growing electric cab market and consolidate its position amid rising competition. BluSmart operates over 5,000 electric vehicles in India and has a broad EV charging network. Despite BluSmart's cofounder's denial of acquisition talks, Uber aims to bolster its electric vehicle segment through this potential deal.

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