Magenta EV Solutions raises Rs 120 crore in Series A funding

by Autocar Pro News Desk , 20 May 2021


Mumbai-based, electric vehicle charging solutions company, Magenta EV Solutions (Magenta) has raised more than $15 million (Rs 120 crore) in Series A funding from eminent Indian-American cardiologist, philanthropist billionaire and serial entrepreneur, Dr. Kiran Patel.

Founded by Maxson Lewis and Darryl Dias, Magenta was Incorporated in 2017, and in the last three years, it has established itself as a key player in the EV charging market under the ChargeGrid brand. The company aims to have a share of 30% in the Indian EV charging market, which it estimates to be 3000 GW.hr by 2030.

Seed funded by HPCL and incubated by Shell, ChargeGrid is also backed by the Microsoft Startup Program to further boost its advanced technology platform. At present, Magenta has operations in more than 10 cities.

Dr. Kiran Patel said, “My wife and I have always believed in building a legacy by partnering with companies who are passionate in making this planet better for the next generation. I met the Magenta team over lunch when I was in India and within minutes into the discussion, I felt I found a team who are as passionate as I am, to bring about a difference. We were impressed by the speed and execution capabilities of Magenta’s team, with this funding round ChargeGrid will continue its growth trajectory in even faster pace and tap the huge EV Industry which has already started picking up over 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.”

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 India 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. With mentor like Dr. Kiran Patel participating in Magenta, we stand immensely strengthened to establish a global cutting-edge EV infrastructure and mobility business.”