- The agreement with eMatrixmile is to provide ”socket-to-software” solutions for EV charging stations
- Magenta Power was seed-funded by Hindustan Petroleum in 2018
Magenta Power has signed a Memorandum of Understanding (MoU) with eMatrixmile India for setting up EV charging stations. They will set up 10,000 e-2wheeler charging stations across the Mumbai-Pune region and other key urban centres in Maharashtra.
Out of this, 10,000 charging stations over the next three years, 500 will be set up shortly across the Mumbai metropolitan region. Maxson Lewis, co-founder and managing director of Magenta Power said that the the agreement with eMatrixmile is to provide ”socket-to-software” solutions for EV charging stations. They will come up both in AC and DC models
Incubated by Shell in 2019
Lewis said that Magenta Power was seed-funded by Hindustan Petroleum in 2018. It was incubated by Shell in 2019 and Microsoft Global Startup Fund came on board earlier this year. Lewis developed BSES bills (currently Adani Transmission) in five languages including Braille in early 2000.
He set up the company in 2017. It was the first player in the EV charging space to set up the first station on the Pune-Bangalore highway in 2018. It charges Rs 20 per unit from cars and a car needs 12-24 units to get fully charged. Lewis added that at this rate, DC charging station that needs Rs 5-25 lakh of investment, and can break even if there are seven charging everyday for three years.