Magenta EV Solutions Scores $15 Million Funding From Philanthropist Kiran C Patel 

- Advertisement -

This latest round of investment will be used to develop more EV charging solutions and to grow an international footprint

Eminent Indian-American philanthropist, cardiologist, and serial entrepreneur, Dr Kiran C Patel has committed to invest over $15 million dollars in Series A funding in electric vehicles charging solutions startup, Magenta EV Solutions. 

- Advertisement -

The company said that this latest round of investment, which also saw existing investor JITO Angel Network’s participation,  will be used to develop more EV charging solutions and to grow an international footprint.

The Mumbai-based firm was founded by Maxson Lewis and Darryl Dias in 2017. Since its incorporation, the company raised pre-series funding from JAN (JITO Angel Network) and Lets Venture in 2020. It was seed-funded by HPCL in 2018, incubated by Shell in 2019, and selected under the Microsoft Global Startup program in 2020.

Over the last three years, Magenta has established itself as a key player in the EV charging infrastructure market under the Charge Grid brand. 

Magenta’s Co-founder and MD,  Maxson Lewis 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.”

The company provides a spectrum of services in the EV value chain from in-house designed/patented charging hardware, charging software, charging and installation services to technical consulting.

Magenta has plans to introduce the world’s smallest EV charger over the next few months which is anticipated to become a new industry-leading benchmark and aims to smart-charge 30 percent of all Indian EVs amounting to 3000 GW hr of power annually by 2030.

- Advertisement -

Most Popular Articles

LEAVE A REPLY

Please enter your comment!
Please enter your name here
Captcha verification failed!
CAPTCHA user score failed. Please contact us!

Exclusive

Q1 2024: Memory Demand, China Shipments Lift Wafer Makers

0
The Counterpoint report concluded that despite the overall revenue decline, few factors benefited wafer fab equipment manufacturers in the first quarter of the year,...

Indian Automobile Industry Value Surges 19% In FY 2023-24

0
India's vehicle production grew by 10%, with a 19% increase in value.  The UV + SUV segment saw the highest growth, with a 23% rise...

Deadstock Or Forgotten Treasure?

0
In a world where technology is advancing at a breakneck speed, are the deadstock electronics components in your warehouse on the verge of becoming...

Buzz

Karnataka Allocates 234 Acres For Electronic Manufacturing

0
Karnataka government allocates 234 acres for electronic manufacturing cluster and semiconductor units, aiming for Rs 1000 crore investment and creating 4000 to 5000 jobs. Karnataka...

GPS Renewables Partners With IndianOil Corporation

0
The 50:50 joint venture aims to advance sustainable energy and biofuel adoption in the country. On Wednesday, government enterprise IndianOil Corporation (IOC) revealed its collaboration...

Renesas Acquires Transphorm For GAN Technology

0
Renesas acquired Transphorm Inc. for its GaN technology, expanding into markets like EVs, data centres, AI, and renewable energy. Upon completion of its acquisition,...

Important Sectors

Karnataka Allocates 234 Acres For Electronic Manufacturing

0
Karnataka government allocates 234 acres for electronic manufacturing cluster and semiconductor units, aiming for Rs 1000 crore investment and creating 4000 to 5000 jobs. Karnataka...

GPS Renewables Partners With IndianOil Corporation

0
The 50:50 joint venture aims to advance sustainable energy and biofuel adoption in the country. On Wednesday, government enterprise IndianOil Corporation (IOC) revealed its collaboration...

Renesas Acquires Transphorm For GAN Technology

0
Renesas acquired Transphorm Inc. for its GaN technology, expanding into markets like EVs, data centres, AI, and renewable energy. Upon completion of its acquisition,...

India Aims For $100 Billion Semiconductor Market

0
India embarks on a chip manufacturing journey aiming for a $100 billion semiconductor market by 2030; the IESA advocates using 28 nm chips for...

Hyundai Flags Government Policies Before $325M IPO 

0
The Korean tech manufacturer raised concerns about localisation rules like PLI for automotive technology ahead of its million-dollar initial public offering.  Before its million-dollar IPO,...

Manufacturing

Deadstock Or Forgotten Treasure?

0
In a world where technology is advancing at a breakneck speed, are the deadstock electronics components in your warehouse on the verge of becoming...

Honeywell Creates AI Software For Gigafactory Efficiency

0
Honeywell anticipates that its new battery manufacturing excellence platform will lower the costs of cell production, speed up the ramp-up cycles, and decrease material...

Raju B Ketkale Named CEO Of Lumax Industries

0
He takes over from Vishnu Johri, who is stepping down for personal reasons. Lumax Industries Limited, a Tier-1 automotive lighting system and component manufacturer within...

Schaeffler And Symbio JV Innoplate Starts Fuel Cell Plate Production

0
Starting with an initial production capacity of 4 million bipolar plates, the Innoplate joint venture is projected to achieve an annual output of 50...

Tesla Pushes Suppliers To Source Parts Beyond Taiwan And China

0
China and Taiwan are major global producers of essential electronics parts and components. Tesla has requested that its suppliers move the production of components and...