[Funding alert] Magenta EV receives commitment in excess of $15M in Series A round
Mumbai-based electric vehicle (EV) charging solutions company, Magenta EV Solutions Pvt Ltd has confirmed commitment of over $15 million (Rs 120 crore) in Series A funding from eminent Indian-American philanthropist, cardiologist, and business serial entrepreneur, Dr Kiran C Patel.
Incorporated in 2017, Magenta was founded by Maxson Lewis and Darryl Dias. The duo has combined global experience of over three decades in management, consulting, automotive and renewables industries.
Over the last three years, Magenta has established itself as a key player in the EV charging infrastructure market under the Charge Grid brand. The company is known for its hardware and software solutions and 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.
Maxson Lewis, MD of Magenta EV said on one occasion,
“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.
Earlier, Magenta had 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.
This latest round of investment will be used to develop more EV charging solutions and to grow an international footprint.
The company recently launched its new streetlamp integrated EV charger, ChargeGrid FLARE, alongside ChargeGrid PRISMA, a residential EV charging solution for high-rises. 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.
Speaking about his investments in Magenta, Dr Kiran Patel, who continues to invest and support startup businesses in India and across the globe, 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 aims to smart-charge 30 percent of all Indian EVs amounting to 3000 GW hr of power annually by 2030.