Magenta Closes Series A Round With new Commitments Worth $15 Mn

EV charging solutions firm Magenta EV Solutions has confirmed commitment in excess of USD 15 million in Series A funding.

Navi Mumbai-based, Electric Vehicle (EV) charging solutions company, Magenta EV Solutions has confirmed a  commitment in excess of USD 15 million (Rs 120 crore) in Series A funding from eminent Indian-American cardiologist, philanthropist billionaire and serial business entrepreneur, Dr. Kiran Patel.

Incorporated in 2017, Magenta has established itself as a key player in the EV charging market under the ChargeGrid brand. The company is known for its advanced 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 percent of all Indian EVs amounting to 3000 GW.hr of power annually by 2030.

Speaking about his investments in Magenta, Dr. Kiran Patel said, “My wife and I have always believed in building a legacy by partnering with companies who are passionate in 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.”

“This is just the beginning of my investments into Magenta and we have carved out a larger investment chest from our international family office. I have a vision for Magenta which goes beyond the Indian sub-continent and with this energetic team with me, we are bound to make Magenta the next billion-dollar company in our portfolio”, added Dr. Patel.

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. These products are just two in a larger line of new unique & affordable EV solutions under development. The firm has plans to introduce the world’s smallest EV charger over 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.

Maxson Lewis, MD of Magenta said on the 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.

We are committed to empowering electric mobility and making electricity clean by providing smart & affordable EV charging solutions. The growth in EV industry in India has been outpacing the automotive industry and with the current ongoing funding round, we will spearhead the EV growth by aggressively deploying charging stations while leveraging our advanced technology platform for scalability.

With a mentor like Dr. Kiran Patel participating in Magenta, we stand immensely strengthened to establish a global cutting-edge EV infrastructure and mobility business. ”

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 Start-Up program in 2020.