Magenta EV Solutions Raises $15 Mn In Series A Funding Round
Magenta aims to smart-charge 30 per cent of all Indian EVs amounting to 3000 Gigawatt hours of power annually by 2030
Mumbai-based Electric Vehicle (EV) charging solutions company Magenta EV Solutions Pvt. Ltd confirmed commitment in excess of $15 million in Series A funding from eminent Indian-American philanthropist, cardiologist, and business serial entrepreneur, Dr. Kiran C Patel. JITO Angel Network also participated in the latest funding round.
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 has combined global experience of over 3 decades 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. 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 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,” commented Sujay Shah, deal lead, JITO Angel Network
Magenta aims to smart-charge 30 per cent of all Indian EVs amounting to 3000 Gigawatt hours of power annually by 2030.
JITO Angel Network is a community-based platform focused on new venture investing. The network today has a portfolio in various sectors, has invested in over38 companies, and has taken a few exits. The firm is currently invested in various sectors and is deeply looking to invest in spacetech and defence companies. JITO Angel Network Invests in the company where they feel they can leverage the JAIN Community platform for exponential business growth.
“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,” added Sunil Kumar Singhvi, vice chairman, JITO Angel Network.
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.
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, the company shared.
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 program in 2020.