Magenta Mobility, an Indian electric-mobility company, has raised $11 million in a fresh round of financing.
The round, which was conducted by bp ventures, is part of the company's $22 million Series A1 equity investment.
Magenta will use the fresh funds to back its market expansion into eight more cities in the next two years and multiply its fleet to four thousand 3 and 4-wheel electric vehicles across the country over the next year.
As part of the latest financing, bp and Magenta Mobility will also collaborate on electric fleet management software.