February 22, 2022
April 22, 2022
min Read

EVET expands EV fleet in Mumbai and Chennai

Team LetsVenture

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.

Posted by AutoCarPro on Feb 22 | https://bit.ly/39bdiXO

Team LetsVenture

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