Magenta EV Solutions said eminent Indian-American philanthropist, cardiologist and serial entrepreneur Kiran C Patel has committed an investment of USD 15 million (close to Rs 110 crore) in the company, according to PTI report.
This latest round of Series A funding will be used to develop more EV charging solutions and grow an international footprint, Magenta said in a statement.
Incorporated in 2017, Magenta was founded by Maxson Lewis and Darryl Dias who have over three decades of experience 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 ChargeGrid brand.
It provides end-to-end hardware, software, installation, operations & maintenance of EV charging solutions.
Magenta had earlier raised pre-series funding from JAN (JITO Angel Network) and LetsVenture in 2020.
The company was seed-funded by HPCL in 2018, incubated by Shell in 2019, and selected under the Microsoft Global Startup programme in 2020.
“Magenta is committed to solving EV charging challenges with Made in India, Made for India solutions. These solutions which we have developed are not only for the price-sensitive India market but will have appeal for the international market as well,” Magenta MD Maxson Lewis said.
The company is committed to empowering electric mobility and making electricity clean by providing smart and affordable EV charging solutions, he added.
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