HPCL & Shell backed Magenta EV Solutions has raised a sum of INR 120 crore from Dr Kiran Patel, Indian-American cardiologist and business serial entrepreneur in its series A funding round.
This latest round of investment will be used to develop more EV charging solutions and to grow an international footprint.
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.
Incorporated in 2017, Magenta was founded by Maxson Lewis and Darryl Dias. Over the last three years, Magenta has been working in the EV charging market under the ChargeGrid brand. Magenta aims to smart-charge 30% of all Indian EVs amounting to 3000 GWh of power annually by 2030.
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 three 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-up of new unique & affordable EV solutions under development. The start-up is also planning to introduce the world’s smallest EV charger over the next few months.
Speaking about his investments in Magenta, Dr Patel said he has a vision for Magenta that goes beyond the Indian sub-continent. “With this energetic team with me, we are bound to make Magenta the next billion-dollar company in our portfolio,” he said.
Maxson Lewis, MD, Magenta said it is committed to solving EV charging challenges with made in India, made for India solutions. Magenta’s solutions are not only for the price-sensitive Indian market, but will have appeal in the international market as well, Lewis said, adding, “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.”