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Jio-bp acquires Magenta’s EV charging network as EV charging consolidation gathers steam

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Raghav Mahobe

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Raghav Mahobe

18 reads

The sale of Magenta Mobility’s public EV charging infrastructure business signals further consolidation in the EV charging space as larger players such as Tata Power and Jio-bp look to corner the nascent but growing market.

February 14, 2024

11 MINS READ

Key Takeaways

  • Sources say that EV solutions startup Magenta Mobility has sold its public charging infrastructure business to Jio-bp
  • The sale is the latest development in India's EV charging market, which has seen smaller businesses getting swallowed up by large firms
  • Industry players highlight the lack of enough EVs requiring public charging as a key reason for the underutilisation of charging stations, making it difficult for startups to sustain their businesses
  • Larger companies such as Tata Power and Jio-bp, meanwhile, are aggressively growing their EV charging footprint, aiming to add thousands more charging points to their rapidly growing networks

Electric vehicle (EV) solutions startup Magenta Mobility has sold off its public charging infrastructure business to petroleum major Jio-bp, multiple sources familiar with the matter told The CapTable.

The deal, which was agreed as far as a year ago, according to a source close to Magenta, will see Jio-bp—a joint venture between Reliance Industries Ltd and British oil major bp—acquire 100 charging stations from Shell-backed Magenta. A formal announcement of the deal is expected soon.

The development signals a marked change in direction from Bengaluru-based Magenta’s early years. Founded in 2018, the startup began by providing public charging infrastructure and was aggressively scaling up its charging network, especially in the Mumbai-Pune region. At one point, according to reports, it planned to have 500 charging points across India by the year ended March 2020 (FY20). However, post the pandemic, the company pivoted to become an EV fleet operator.

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