Magenta Seals Rs 120 Cr Series A Funding Deal with Florida-based Serial Entrepreneur Dr. Kiran Patel

HPCL & Shell-backed electric vehicle (EV) charging solutions provider Magenta EV Solutions Pvt Ltd has raised over USD 15 million (Rs 120 crore) in a Series A funding round from Florida-based Indian-American serial entrepreneur Dr. Kiran C Patel.

May 20, 2021. By Manu Tayal

HPCL & Shell-backed electric vehicle (EV) charging solutions provider Magenta EV Solutions Pvt Ltd has raised over USD 15 million (Rs 120 crore) in a Series A funding round from Florida-based Indian-American serial entrepreneur Dr. Kiran C Patel.

Magenta, founded by Maxson Lewis and Darryl Dias in 2017, provides a spectrum of services in the EV value chain from in-house designed charging hardware, charging software, charging & Installation services to technical consulting.

Currently operating in over 10 cities, the company’s EV brand ‘ChargeGrid’ has signed multiple high-value customer contracts and continue to rapidly expand with many new contracts signed in just last 3 months.

This latest funding will further be used in developing more EV charging solutions and international footprint expansion, as the EV charger maker is also planning to launch the world’s smallest EV charger over the next few months.

Dr. Patel has been investing and supporting start-ups and early- stage businesses in India and across the globe and mentor them through their scale-up journey. Most recently, Dr. Patel was instrumental in taking public India-based chemical manufacturer, Anupam Rasayan, of which Dr. Patel is the Chairman.

Speaking about his investments in Magenta, 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.”

He further said “we were impressed by the speed & 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.”

“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 & 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,” said Maxson Lewis, MD of Magenta.

Earlier, Magenta had raised a 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 Start Up program in 2020.

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