BENGALURU, Nov. 25 -- Electric mobility startup Magenta Mobility, backed by bp Ventures and Morgan Stanley, has launched a process to raise up to $50 million, enlisting Kotak Mahindra Capital to manage the fundraise, two people familiar with the matter said.

"The company will raise anywhere between $35-50 million to fund its expansion plans," one of the people cited above said, adding that revenues for FY26 are projected at Rs.125-130 crore. Talks are reportedly at an advanced stage, and the final deal is likely to bring two new investors onto the cap table, the person added.

"The proceeds from the funding will be used towards its expansion plans including its EV (electric vehicle) fleet and charging infrastructure," the other person ci...