Navi Mumbai based electric vehicle (EV) charging solutions company, Magenta EV Solutions has confirmed commitment in excess of US$ 15 million (INR 120 crore) in Series A funding from Indian-American cardiologist, philanthropist and business serial entrepreneur, Dr Kiran Patel.
Magenta plans to introduce the world’s smallest EV charger over next few months. This latest round of investment will be used to develop more EV charging solutions and to grow an international footprint.
Incorporated in 2017, Magenta was founded by Maxson Lewis and Darryl Dias. The duo have combined global experience of over 3 decades in management consulting, automotive & renewables industries.
Over the last three years, Magenta has established itself as a key player in the EV charging market under the ChargeGrid brand. The company is known for its forward-thinking hardware and software solutions and provides a spectrum of services in the EV value chain from in-house designed charging hardware, charging software, charging & 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.
Seed funded by HPCL & incubated by Shell, ChargeGrid is also backed by the Microsoft Startup Program to further boost its advanced technology platform. Currently operating in 10+ cities, ChargeGrid has signed multiple high-value customer contracts and continues to rapidly expand with many new contracts signed in just the last 3 months.
The company recently launched its new streetlamp integrated EV charger, ChargeGrid FLARE, alongside ChargeGrid PRISMA, a residential EV charging solution for high-rises.
Dr. Patel has been investing and supporting start-ups and early- stage businesses in India and across the globe and mentor them through their scale-up journey. Most recently, Dr Patel was instrumental in taking public the India-based chemical manufacturer, Anupam Rasayan, of which Dr. Patel is Chairman.
Earlier, Magenta had raised a 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 Start Up program in 2020.
