Mumbai: Electric Vehicle (EV) charging solutions company, Magenta EV Solutions Pvt Ltd (Magenta), on Saturday confirmed commitment in excess of USD 15 million (INR 120 crore) in Series A funding from eminent Indo-American philanthropist, cardiologist, and business serial entrepreneur, Dr. Kiran C Patel. JITO Angel Network also participated in the latest funding round.
Incorporated in 2017, Magenta was founded by Maxson Lewis and Darryl Dias. The duo has combined global experience of over 3 decades in management, consulting, automotive and renewable industries.
Earlier, Magenta had raised pre-series funding from JAN (JITO Angel Network) and LetsVenture in 2020. Magenta was seed-funded by HPCL in 2018, incubated by Shell in 2019, and selected under the Microsoft Global Startup programme in 2020.
This latest round of investment will be used to develop more EV charging solutions and to grow an international footprint.
“Magenta under its ChargeGrid brand is employing technology to solve the most pressing issue in our transition towards electric vehicles-availability of charging points. With an extensive target market sector, ChargeGrid’s potential and opportunity for growth is massive. The startup’s innovative IP, as well as the founding team’s dedication to build hardware and software from scratch, makes us confident and proud of our investment.],” deal lead from JITO Angel Network, Sujay Shah of Mahati Group, said.
Over the last three years, Magenta has established itself as a key player in the EV charging infrastructure market under the ChargeGrid brand. The company is known for its forward-thinking/advanced 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.
Magenta aims to smart-charge 30% of all Indian EVs amounting to 3000 GW.hr of power annually by 2030.
Sunil Kumar Singhvi, vice chairman, JITO Angel Network, said, “As India moves towards the adoption of sustainable EV practices, we at JITO are strongly backing up companies into sustainability, e-mobility and green environment. We are happy to contribute towards the same and have backed Magenta, which is developing the best sustainable energy solutions and building a strong network of charging infrastructure.”
Innovation is the core mantra for ChargeGrid’s success story. The company recently launched its new streetlamp integrated EV charger, ChargeGrid FLARE, alongside ChargeGrid PRISMA, a residential EV charging solution for high-rises. These products are just two in a larger line of new unique and affordable EV solutions under development.
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. This latest round of investment will be used to develop more EV charging solutions and to grow an international footprint.