Companies

Magenta EV Solutions raises ₹12 cr to fuel growth

Our Bureau Mumbai | Updated on April 23, 2021

JAN and Lets Venture participated in the latest round of funding

Magenta EV Solutions, an integrated electric vehicle charging solutions company, has raised about ₹12 crore in its Pre-Series A equity round.

JAN (JITO Angel Network) and Lets Venture participated in this round of funding.

In 2018, Magenta was seed funded by HPCL, incubated by Shell and selected under the Microsoft Global Start Up program in 2020.

Incorporated in 2017, Magenta was founded by Maxson Lewis and Darryl Dias who have combined global experience of over 3 decades in management consulting, automotive and renewables industry.

Magenta aims to smart-charge 30 per cent of all Indian EVs totalling to 3,000 GW.hr of power annually by 2030.

Operates in 10 cities

It currently operates in over 10 cities and has signed multiple high-value customer contracts over last six months to fuel its growth trajectory.

It caters to customers through its advanced software platform offering all-in-one solutions. Appointment of Scott Pharr, Global Managing Director at Accenture, as an advisor to bring his industry-leading insights will further help company to strategise on expansion of its operations.

Magenta is developing the world’s smallest EV charger which will be introduced in the next few months.

Pantomath Capital acted as sole investment banker and financial advisor to Magenta EV Solutions.

Affordable solutions

Maxson Lewis, Managing Director, Magenta, said the company is committed to empower electric mobility and make electricity clean by providing smart and affordable EV charging solutions. With the current funding round, the company will deploy charging stations while leveraging the advanced technology platform for scalability, he said.

Madhu Lunawat, Co-Founder, Pantomath Capital Advisors, said with the new funding round Magenta will tap the huge EV industry that has already started picking up over last couple of years.

Published on April 23, 2021

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