Magenta EV Announces $15 Million Investment From Kiran C Patel

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Magenta EV Announces $15 Million Investment From Kiran C Patel

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Navi Mumbai-based Electric Vehicle (EV) charging solutions company, Magenta EV Solutions said that Kiran C Patel, an Indian-American philanthropist, cardiologist, and entrepreneur, has confirmed a commitment of over $15 million (Rs 120 Crores) in Series A funding.

The 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 company makes hardware and software solutions and provides various services in the EV value chain such as designed/patented charging hardware, charging software, charging & Installation services and technical consulting. It aims to smart-charge 30% of all Indian EVs amounting to 3000 GW.hr of power annually by 2030.

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.

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.”