Magenta Mobility’s FY24 Loss Widens 15% To INR 48 Cr

SUMMARY

Magenta Mobility’s revenue from operations zoomed almost 3X to INR 35.51 Cr during the year under review from INR 11.84 Cr last year

The startup reported an EBITDA loss of INR 30.5 Cr in FY24 as against a loss of INR 35.9 Cr in FY23

Founded in 2018, Magenta offers EV-based last and mid-mile logistics services to B2B clients across ecommerce, food, modern retail, pharma, and FMCG segments

Mumbai-based electric mobility startup Magenta Mobility saw its consolidated loss after tax widen 15% to INR 47.91 Cr in the financial year 2023-24 (FY24) from INR 41.68 Cr in the previous year.

The startup saw a sharp increase in its top line, with revenue from operations zooming almost 3X to INR 35.51 Cr during the year under review from INR 11.84 Cr last year.

Including other income of INR 7.55 Cr, Magenta’s total revenue shot up 130% to INR 43.07 Cr in FY24 compared to INR 18.74 Cr in FY23.

EBITDA loss declined to INR 30.5 Cr in FY24 from an EBITDA loss of INR 35.9 Cr in the year ended March 31, 2023. As a result, EBITDA margin improved significantly to -86% during the year under review from -304% in the previous year.

Founded in 2018 by Maxson Lewis, Magenta started as a charging solution provider for electric vehicles (EVs) but gradually shifted its focus on providing vehicle fleets for last and mid-mile needs of its B2B clients across segments such as ecommerce, food, retail, FMCG, and pharma.

The startup currently operates a fleet of over 2,500 electric three-wheelers in the L5 category and aims to expand to 10,000 cargo vehicles by September 2025.

Where Did Magenta Mobility Spend In FY24?

Due to the rapid growth in its revenue, Magenta’s total expenses jumped 120% to INR 40.79 Cr in the fiscal year ended March 31, 2024, from INR 89.7 Cr in the previous year.

Employee Benefit Expenses: Magenta’s spending under this head climbed nearly 65% to INR 21.31 Cr in FY24 from INR 12.9 Cr in FY23.

Driver Costs: The startup’s driver expenses stood at INR 18.48 Cr during the year under review, a 192% jump from INR 6.33 Cr in the fiscal year 2022-23.

Other Expenses: The spending under this head surged about 114% to INR 31.32 Cr in FY24 from INR 14.60 Cr in the previous year. However, the startup didn’t provide a breakdown of these expenses.

Magenta last raised $22 Mn (about INR 180.6 Cr) in its Series A1 funding round from bp and Morgan Stanley India Infrastructure in 2023. Overall, it has raised more than $56 Mn so far.