This latest round of investment will be used to develop more EV charging solutions and to grow an international footprint
Eminent Indian-American philanthropist, cardiologist, and serial entrepreneur, Dr Kiran C Patel has committed to invest over $15 million dollars in Series A funding in electric vehicles charging solutions startup, Magenta EV Solutions.
The company said that this latest round of investment, which also saw existing investor JITO Angel Network’s participation, will be used to develop more EV charging solutions and to grow an international footprint.
The Mumbai-based firm was founded by Maxson Lewis and Darryl Dias in 2017. Since its incorporation, the company raised pre-series funding from JAN (JITO Angel Network) and Lets Venture in 2020. It was seed-funded by HPCL in 2018, incubated by Shell in 2019, and selected under the Microsoft Global Startup program in 2020.
Over the last three years, Magenta has established itself as a key player in the EV charging infrastructure market under the Charge Grid brand.
Magenta’s Co-founder and MD, Maxson Lewis said, “Magenta is committed to solving EV charging challenges with made in India, made for India solutions. These solutions which we have developed not only for the price-sensitive India market but will have appeal for the international market as well.”
The company provides a spectrum of services in the EV value chain from in-house designed/patented charging hardware, charging software, charging and installation services to technical consulting.
Magenta has plans to introduce the world’s smallest EV charger over the next few months which is anticipated to become a new industry-leading benchmark and aims to smart-charge 30 percent of all Indian EVs amounting to 3000 GW hr of power annually by 2030.
