Magneta EV Solutions raises $15 million from Kiran C Patel
Magenta EV Solutions, a Navi Mumbai-based Electric Vehicle (EV) charging solutions company, announced that Kiran C Patel, an Indian-American philanthropist, cardiologist, and entrepreneur, has confirmed a Series A funding commitment of more than $15 million (Rs 120 Crores).
The most recent round of funding will be used to develop more EV charging solutions and expand the company's international footprint.
Magenta was founded in 2017 by Maxson Lewis and Darryl Dias. The company develops hardware and software solutions and offers a variety of services along the EV value chain, including designed/patented charging hardware, charging software, charging and installation services, and technical consulting. It aims to smart-charge 30% of all Indian EVs by 2030, totaling 3000 GWhr of power per year.
Magenta is in the business of ‘empowering clean energy solutions and ideas’ through its group companies and intermediaries.
Making the world a better place, for kids to live in has been the motto for the company. The initiatives in setting up rooftop solar power, developing technology solutions specific to India for the growing renewable energy sector or be it a series of India’s first’s in the EV space, the firm has been pioneering ideas and delivering on them.
Magenta had previously received pre-series funding from JAN (JITO Angel Network) and LetsVenture in 2020. Magenta was seed-funded in 2018 by HPCL, incubated by Shell in 2019, and selected for the Microsoft Global Startup programme in 2020.
Maxson Lewis, managing director of 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 India market but will have appeal for the international market as well."
The most recent round of funding will be used to develop more EV charging solutions and expand the company's international footprint.
Magenta was founded in 2017 by Maxson Lewis and Darryl Dias. The company develops hardware and software solutions and offers a variety of services along the EV value chain, including designed/patented charging hardware, charging software, charging and installation services, and technical consulting. It aims to smart-charge 30% of all Indian EVs by 2030, totaling 3000 GWhr of power per year.
Magenta is in the business of ‘empowering clean energy solutions and ideas’ through its group companies and intermediaries.
Making the world a better place, for kids to live in has been the motto for the company. The initiatives in setting up rooftop solar power, developing technology solutions specific to India for the growing renewable energy sector or be it a series of India’s first’s in the EV space, the firm has been pioneering ideas and delivering on them.
Magenta had previously received pre-series funding from JAN (JITO Angel Network) and LetsVenture in 2020. Magenta was seed-funded in 2018 by HPCL, incubated by Shell in 2019, and selected for the Microsoft Global Startup programme in 2020.
Maxson Lewis, managing director of 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 India market but will have appeal for the international market as well."
