Magenta has closed its Series A funding round at USD 15 million (INR 120 Crores) from Florida based Dr. Kiran C Patel. Pate is an eminent Indian-American cardiologist, philanthropist billionaire and business serial entrepreneur.
Over the last three years, Magenta has established itself as a key player in the EV charging market under the ChargeGrid brand. Magenta aims to smart-charge 30% of all Indian EVs amounting to 3000 GW hr of power annually by 2030.
Seed funded by HPCL & incubated by Shell, ChargeGrid is also backed by the Microsoft Startup Program to further boost its advanced technology platform. Currently the firm is operating in over 10 cities.
The company recently launched its new streetlamp integrated EV charger, ChargeGrid FLARE, alongside ChargeGrid PRISMA, a residential EV charging solution for high-rises.
Magenta 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.