EV charging solutions company, Magenta EV Solutions has announced a new investment of Rs. 125 crore in Series A funding. The fresh funding comes from Indian-American cardiologist, philanthropist billionaire, and business serial entrepreneur, Dr Kiran Patel, who has invested Rs. 120 crore in the start-up. Meanwhile, JAN (JITO Angel Network) has increased its investment by Rs. 5 crore. The company was founded in 2017 and provides end-to-end hardware, software, installation, operations, and maintenance for EV charging infrastructure. The start-up retails its own EV chargers under the 'ChargeGrid' brand.
Speaking on the latest round of funding, Maxson Lewis, MD - Magenta said, "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 Indian 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 and 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."
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Magenta introduced the ChargeGrid Flare streetlamp integrated EV charger earlier this year
Speaking about investment, Dr Kiran Patel said, "We were impressed by the speed and execution capabilities of Magenta's team. With this funding round, ChargeGrid will continue its growth trajectory at an even faster pace and tap the huge EV Industry which has already started picking up over the last couple of years. 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."
Previously, the start-up had raised pre-series funding from JAN and LetsVenture in 2020 to the tune of Rs. 8.5 crore. Magenta was seed-funded by HPCL in 2018 and incubated by Shell in 2019. It was also selected under the 2020 Global Start-Up program.
The company aims to smart charge about 30 per cent of all Indian EVs that equates to 3000 GW.hr (Gigawatt hour) of power annually by 2030. Magenta is working on introducing new EV chargers for India and international markets. The new investment will see the company spend more actively on R&D, as well as setting up manufacturing facilities in Navi Mumbai and Bengaluru. It's also gearing up to introduce the "world's smallest EV charger" in June this year. The upcoming AC charger with a CCS2 system will be exported from India to several international markets including the Middle East, South East Asia and North America.
At present, Magenta is operational in over 10 cities across India and has been installing infrastructure for public and residential use. The company launched the ChargeGrid Flare EV charger integrated with streetlamps, while the ChargeGrid Prisma is a residential EV charging solution for high rise buildings.
