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Magenta EV Solutions, an electric vehicle charging solutions company, has received an investment commitment of over $15 million (about ₹120 crore) in Series A funding from eminent Indian-American cardiologist and serial entrepreneur, Dr Kiran Patel.
Over the last three years, Magenta has established itself as a key player in the EV charging market under the ChargeGrid brand. The company provides a spectrum of services in the EV value chain from in-house designed charging hardware, charging software to technical consulting.
Magenta aims to smart-charge 30 per cent of all Indian EVs amounting to 3000 GW.hr of power annually by 2030.
Seed funded by HPCL and incubated by Shell, ChargeGrid is also backed by the Microsoft Startup Program to further boost its advanced technology platform. Currently, it operates in over 10 cities, ChargeGrid has signed multiple high-value customer contracts and continues to rapidly expand with many new contracts signed in just the last 3 months.
Pantomath Capital Advisors is the sole Investment Banker to the transaction.
Dr Kiran Patel said with this funding ChargeGrid will continue its growth trajectory in even faster pace and tap the huge EV industry which has already started picking up over last couple of years.
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