JITO Angel Network-backed Magenta EV Solutions secures USD 15 mn in Series A funding round
Navi Mumbai based, Electric Vehicle (EV) charging solutions company, Magenta EV. Solutions Pvt. Ltd. “Magenta” confirmed commitment in excess of USD 15 million (INR 120 Crores) in Series A funding from eminent Indian-American philanthropist, cardiologist, and business serial entrepreneur, Dr. Kiran C Patel. JITO Angel Network also participated in the latest funding round.
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 Startup program in 2020. This 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 duo has combined global experience of over 3 decades in management, consulting, automotive & renewables industries. Over the last three years, Magenta has established itself as a key player in the EV charging infrastructure market under the ChargeGrid brand. The company is known for its forward-thinking / advanced hardware and software solutions and provides a spectrum of services in the EV value chain from in-house designed / patented charging hardware, charging software, charging & Installation services to technical consulting.
Magenta aims to smart-charge 30% of all Indian EVs amounting to 3000 GW.hr of power annually by 2030. JITO Angel Network is a community-based platform focused on new venture investing. The network today has a portfolio in various sectors, has invested in 38+ companies, and has taken a few exits. The firm is currently invested in various sectors and are deeply looking to invest in spacetech and defence companies. JITO Angel Network Invests in the company where they feel they can leverage the JAIN Community platform for exponential business growth.
Deal Lead from JITO Angel Network Mr. Sujay Shah – Mahati Group Comments – “Magenta under its ChargeGrid brand is employing technology to solve the most pressing issue in our transition towards electric vehicles-availability of charging points. With an extensive target market sector, ChargeGrid’s potential and opportunity for growth is massive. The startup’s innovative IP as well as the founding team’s dedication to build hardware & software from scratch makes us confident and proud of our investment.”
Also Read: Funding Alert: ANSR raises $15M Series B from Sistema Asia Fund and Evolvence
Mr. SunilKumar Singhvi, Vice Chairman JITO Angel Network – As India moves towards the adoption of sustainable EV practices, we at JITO are strongly backing up companies into Sustainability, e-Mobility and Green environment. We are happy to contribute towards the same and have backed Magenta, which is developing the best sustainable energy solutions and building a strong network of charging infrastructure. Innovation is the core mantra for ChargeGrid’s success story. The company recently launched its new streetlamp integrated EV charger, ChargeGrid FLARE, alongside ChargeGrid PRISMA, a residential EV charging solution for high-rises. These products are just two in a larger line of new unique & affordable EV solutions under development.
Magenta has plans to introduce the world’s smallest EV charger over next few months which is anticipated to become a new industry-leading benchmark. This latest round of investment will be used to develop more EV charging solutions and to grow an international footprint.