Magenta Mobility’s FY24 revenue rises three fold, losses widen by 17.1%
The EV logistics solutions provider reported a loss of Rs 90.17 crore in FY24 compared to Rs 39.66 crore in the previous year owing to rising expenses.
Magenta Mobility on Thursday reported a 199.5% jump in its full-year revenue to Rs 35.53 crore compared to Rs 11.86 crore in the previous year helped by a significant rise in its revenue from services.
The company provides a 100% electric fleet and AI and IoT-enabled fleet management and data analytics platform to optimise logistics operations and deliveries. Revenue from these services for the year ended March 31, 2024, increased to Rs 30.17 crore compared to Rs 10.15 crore in FY23.
However, the company reported a 17.1% increase in its loss for the period to Rs 46.44 crore as opposed to Rs 39.66 crore in FY23, bogged down by rising expenses during the year. The 109.1% rise in expenses to Rs 90.17 crore was primarily due to rising driver costs, employee benefit expenses, and finance costs.
Magenta Mobility appoints drivers on a contract basis to provide services to its customers, which it accounts as an expense. The drivers' cost for FY24 increased to Rs 18.49 crore, compared to Rs 6.34 crore in FY23.
The rise in demand for the company’s fleet comes amidst a boom in the last-mile delivery sector in India owing to the rise of ecommerce and quick commerce players. Magenta Mobility caters to clients such as Flipkart and hyper-local delivery platform Dunzo, among others.
Founded in 2017 by Maxson Lewis and Darryl Dias, the company last raised $22 million in a Series A funding round from BP Venture and Morgan Stanley India Infrastructure-managed investment fund.
Edited by Suman Singh