Urja Daily
No Result
View All Result
  • News
  • Renewable
    • Solar
    • Rooftop
    • Floating Solar
    • Module
    • Wind
    • Hydrogen
    • Biomass
    • Tenders
    • Sustainibility
  • Storage
  • E-Mobility
  • EV Battery
  • Smart City
  • Power
    • Smart Grid
    • Microgrid
    • Off-Grid
  • Editor’s Pick
    • Articles
    • In Talks
    • E-MAG
    • Market Research
  • On-demand Webinars
  • More
    • Events
    • Contact Us
    • Subscribe
  • News
  • Renewable
    • Solar
    • Rooftop
    • Floating Solar
    • Module
    • Wind
    • Hydrogen
    • Biomass
    • Tenders
    • Sustainibility
  • Storage
  • E-Mobility
  • EV Battery
  • Smart City
  • Power
    • Smart Grid
    • Microgrid
    • Off-Grid
  • Editor’s Pick
    • Articles
    • In Talks
    • E-MAG
    • Market Research
  • On-demand Webinars
  • More
    • Events
    • Contact Us
    • Subscribe
No Result
View All Result
Urja Daily
No Result
View All Result
Home E-Mobility

Magenta Mobility Secures Debt Financing from SIDBI

Urja Daily by Urja Daily
September 8, 2023
in E-Mobility, EV Battery, News
Reading Time: 2 mins read
0
Magenta Mobility
Share on FacebookShare on TwitterShare on Linkedin

Magenta Mobility secured debt financing for about 350 EVs under the Green Finance Scheme by the Small Industries Development Bank of India (SIDBI). The loan received from SIDBI will help to scale up deployment of Cargo Electric Vehicles for last mile deliveries across Delhi-NCR region.

Aligned with the national initiative of EV30@30, SIDBI’s “Mission 50K-EV4ECO” is poised to catalyze the local EV ecosystem by funding the procurement of 50,000 EVs in the country. This scheme intends to unlock the market by providing better financing terms and it is the precursor to EVOLVE scheme by SIDBI-World Bank. The pilot phase of this mission focuses on promoting two, three, and four-wheeler adoption through both direct (to MSMEs) and indirect lending (to NBFCs). SIDBI has adopted EV as a priority and by launching “Mission 50K- EV4ECO” they intend to promote the entire EV value chain.

RELATED POSTS

Leading LNG Exporters Driving the Global Market

Recyclekaro Group Brings Recycling to the Doorstep with Its New D2C Platform

This funding for Magenta Mobility underscores the company’s commitment to Electrifying and Decarbonizing logistics in India while contributing to the national goal of a carbon-neutral nation. It will serve as a pivotal accelerator for Magenta Mobility’s efforts in boosting electric vehicle adoption in the Delhi-NCR region.

“SIDBI recognizes the immense opportunities that electric vehicles bring to the table and is committed to reinforcing the financial avenues that promote green asset creation. Under the Green Finance scheme, we are addressing financing challenges encountered by MSMEs and NBFCs in the EV ecosystem. We’re resolute in expanding financial avenues for green assets, aligning with our nation’s agenda for a carbon-neutral future. Magenta Mobility’s commendable efforts in shaping the EV sector are evident, and this loan underscores our mutual commitment to expedite EV adoption” S Ramann, CMD of SIDBI quoted.

We welcome the financial support provided by SIDBI through this loan,” said Maxson Lewis, Founder and Managing Director of Magenta Mobility”. “This initiative by SIDBI of offering better financing terms for the EV ecosystem, significantly addresses the existing challenges of high-interest rates and limited financing options prevalent in the EV sector. This collaboration with SIDBI aligns seamlessly with our commitment to ‘Electrifying & Decarbonizing Logistics in India.’ The infused funds will directly contribute to our efforts in procuring electric vehicles for the Delhi NCR region, a critical step in our journey to accelerate EV adoption across India.”

With a resolute target of deploying 10,000 electric vehicles on Indian roads by 2024, Magenta Mobility continues its expansion journey by exploring new cities and further enhancing its EV charging infrastructure network. Operating successfully in cities like Bengaluru, Mysuru, Hyderabad, Mumbai, Pune, Delhi, Noida, and Gurgaon, Magenta Mobility effectively manages a fleet of over 1,000 electric vehicles, offering services across diverse sectors such as e-commerce, grocery delivery, FMCG, food, and pharmaceuticals for last-mile deliveries.

Tags: Electric Mobilityelectric vehicleEVEV chargingMagenta MobilitySIDBI
ShareTweetShare
Urja Daily

Urja Daily

Related Posts

LNG Market

Leading LNG Exporters Driving the Global Market

by Palak
June 9, 2025
0

The Liquefied Natural Gas (LNG) Market has become a critical component of the global energy infrastructure, offering cleaner-burning alternatives to coal...

Recyclekaro Plant

Recyclekaro Group Brings Recycling to the Doorstep with Its New D2C Platform

by Palak
June 7, 2025
0

Mumbai : Recyclekaro Group has officially launched Reloop, a direct-to-consumer (D2C) platform, designed to simplify, incentivise, and democratise responsible recycling. The initiative...

Servotech

Errol Musk Wraps Up 6-Day India Tour, Applauds Green Tech and Rich Culture

by Palak
June 7, 2025
0

NEW DELHI, INDIA – After a highly productive and culturally enriching 6-day trip, Errol Musk, Global Advisor to Servotech Renewable...

Andrés de León, CEO of HyperloopTT

HyperloopTT’s Italian Project Begins Operations

by Palak
June 7, 2025
0

Last year, HyperloopTT announced the start of a feasibility study for 'Hyper Transfer', a hyperloop prototype to carry cargo and...

World Environment Day 2025

by Palak
June 6, 2025
0

By Dr Rohan Dutta, Associate Professor, Anant School For Climate Action, Anant National University  "Our Earth is more than just land, water, and...

Next Post
Dr. Irfan Khan, Founder & CEO, eBikeGo

Rise of Electric Two-Wheelers in India's Urban Landscape

climate change

OPINION: Startups are the ones actually solving climate change

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

RECOMMENDED

LNG Market

Leading LNG Exporters Driving the Global Market

June 9, 2025
Orb Energy

Bergen Pipe Supports Goes Solar with 700 kW Rooftop System from Orb Energy

June 9, 2025
  • 643 Followers
  • 23.9k Followers

MOST VIEWED

  • Hydrom

    Hydrom and Thyssenkrupp Nucera Partner for Green Hydrogen Projects in Oman

    0 shares
    Share 0 Tweet 0
  • SFC India Selected Dassault Systèmes for Indigenization and Digital Transformation of Wastewater Treatment Plants

    0 shares
    Share 0 Tweet 0
  • Juniper Green Energy Secures 1 GW Solar Module Deal with First Solar

    0 shares
    Share 0 Tweet 0
  • PGCIL Wins ISTS Project for Renewable Energy Integration in Karnataka

    0 shares
    Share 0 Tweet 0

Leading LNG Exporters Driving the Global Market

Bergen Pipe Supports Goes Solar with 700 kW Rooftop System from Orb Energy

Recyclekaro Group Brings Recycling to the Doorstep with Its New D2C Platform

Errol Musk Wraps Up 6-Day India Tour, Applauds Green Tech and Rich Culture

HyperloopTT’s Italian Project Begins Operations

World Environment Day 2025

Latest Magazine

© 2016 – 2025 TechZone Print Media | All Rights Reserved

  • About Us
  • Contact Us
No Result
View All Result
  • News
  • Renewable
    • Solar
    • Rooftop
    • Floating Solar
    • Module
    • Wind
    • Hydrogen
    • Biomass
    • Tenders
    • Sustainibility
  • Storage
  • E-Mobility
  • EV Battery
  • Smart City
  • Power
    • Smart Grid
    • Microgrid
    • Off-Grid
  • Editor’s Pick
    • Articles
    • In Talks
    • E-MAG
    • Market Research
  • On-demand Webinars
  • More
    • Events
    • Contact Us
    • Subscribe

© 2016 - 2025 TechZone Print Media | All Rights Reserved