EVET by Magenta, plans to roll out over 500 EV Fleet in the next 3-4 months across Chennai and Mumbai. The startup plans to enter the new markets with its electric three-wheelers in L5 categories.
The EVET EV Fleet is used to transport medium and large-sized cargo and offers significant cost savings. The running cost of an electric vehicle is on an average is about Rs 1.5–2 per km, whereas operating a petrol vehicle hovers around Rs 8–9 per km. The fleet runs on in-house designed proprietary Fleet Management System that provides real-time data for tracking and tracing.
Darryl Dias, co-founder of Magenta Group, said, “We are extremely proud and excited to launch end to end logistics services with our IoT, and AI-enabled electric Fleet in Mumbai and Chennai. With the new markets, we aim to partner with the businesses and neighbourhood stores to provide eco-friendly and delivery services through our EV Fleet.”
Seed funded by HPCL in 2018 & incubated by Shell in 2019, Magenta is also backed by the Microsoft Start-up Program further to strengthen its advanced technology platform for Electric Mobility. In 2020, Magenta had raised pre-series funding from JAN (JITO Angel Network) and LetsVenture. In May 2021, Magenta announced that it had closed its Series A funding by Dr Kiran Patel. The brand is currently in discussions to raise Series B funding in 2022.