Magenta EV Solutions Pvt Ltd, a Navi Mumbai-based electric vehicle (EV) charging solutions company, has announced procuring USD 15 million (Rs 120 crore) in Series A funding from Indian-American cardiologist and philanthropist Dr Kiran Patel. The company recently launched its new streetlamp integrated EV charger, ChargeGrid FLARE, alongside ChargeGrid PRISMA, a residential EV charging solution for high-rises. Magenta now has plans to introduce the world’s smallest EV charger over the next few months.
The company states that the latest round of investment will be used to develop more EV charging solutions and to grow an international footprint.
With Dr Kiran Patel coming aboard, Magenta would be exposed to global markets, backed by financial and strategical management bandwidth. Patel has been investing and supporting start-ups and early-stage businesses in India and across the globe.
In March this year, Hindustan Petroleum Corporation Limited and Magenta opened the ChargeGrid Flare EV charger for operations at two locations – HPCL Bandra Kurla Complex outlet in Mumbai and Nitimarg T&E outlet in Delhi. The ChargeGrid Flare street lamp integrated charger is built inclusive of a power-saving LED lamp, a street light pole and EV supply equipment made for Indian climatic conditions enabling online and remote monitoring.
Incorporated in 2017, Magenta was founded by Maxson Lewis and Darryl Dias. Over the last three years, Magenta’s EV charging solutions brand ChargeGrid has grown immensely. Magenta aims to smart-charge 30% of all Indian EVs amounting to 3000 GW.hr of power annually by 2030.
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