Navi Mumbai-based Electric Vehicle (EV) charging solutions company, Magenta EV Solutions will raise USD 15 million (round Rs 110 crore) in series A funding, from Indian-American philanthropist, cardiologist, and entrepreneur, Dr. Kiran C Patel.
The company will be utilising the funds to develop more EV charging solutions and to grow their international footprint.
Magenta has plans to introduce the world’s smallest EV charger over next few months.
JITO Angel Network also participated in the latest funding round. Earlier, the company had raised a pre-series funding from JAN (JITO Angel Network) and LetsVenture in 2020.
In 2018, Magenta was seed-funded by HPCL, incubated by Shell in 2019, and selected under the Microsoft Global Startup program in 2020.
Incorporated in 2017, Magenta was founded by Maxson Lewis and Darryl Dias.
Over the last three years, Magenta has established itself as a key player in the EV charging infrastructure market under the ChargeGrid brand. Magenta aims to smart-charge 30 per cent of all Indian EVs amounting to 3000 GW.hr of power annually by 2030.
Deal Lead from JITO Angel Network Sujay Shah - Mahati Group commented, "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.”
Sunil Kumar Singhvi, Vice Chairman JITO Angel Network, stated, "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."