Magenta EV receives commitment of over $15M in Series A round
Electric vehicle (EV) charging solutions company, Magenta EV Solutions Pvt Ltd has verified a commitment of over $15 million in Series A funding from renowned Indian-American philanthropist, cardiologist, and business serial entrepreneur, Dr. Kiran C Patel.
Magenta was established in 2017 by Maxson Lewis and Darryl Dias. The duo collectively has a global experience of over three decades in management, consulting, automotive and renewables industries.
Over the last three years, Magenta has positioned itself as a chief player in the EV charging infrastructure market under the Charge Grid brand. The company is recognized for its hardware and software solutions and offers a plethora of services in the EV value chain from in-house designed/patented charging hardware, charging software, charging and installation services to technical consulting.
Maxson Lewis, MD of Magenta EV once 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.”
Existing investor JITO Angel Network also participated in the Series A round.
Magenta had earlier 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 chosen under the Microsoft Global Startup program in 2020.
The freshly raised funds will be used to create more EV charging solutions and to build an international presence.
The company recently rolled out its new streetlamp integrated EV charger, ChargeGrid FLARE, besides ChargeGrid PRISMA, a residential EV charging solution for high-rises.
Magenta plans to launch the world’s smallest EV charger over the next few months which is expected to become a new industry-leading benchmark.
Speaking about the investment, Dr. Kiran Patel, said, “My wife and I have always believed in building a legacy by partnering with companies who are passionate about making this planet better for the next generation. I met the Magenta team over lunch when I was in India and within minutes into the discussion, I felt I found a team who are as passionate as I am to bring about a difference.”
Magenta strives to smart-charge 30 percent of all Indian EVs amounting to 3000 GW hr of power annually by 2030.
Electric Vehicles are transforming the automobile industry and companies like Magenta are taking good advantage of the rising demand. The company is most certainly looking at huge growth prospects. My best wishes to the team of Magenta.Shishir Gupta, Founder and CEO, StartupLanes
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