iNDICA NEWS BUREAU-
An eminent Indian-American cardiologist and philanthropist, has raised more than $15mn in Series A funding for a Mumbai-based electric vehicle charging solutions company, Magenta EV Solutions.
Besides being a cardiologist, Dr. Kiran Patel is a billionaire and a serial entrepreneur.
“My wife and I have always believed in building a legacy by partnering with companies who are passionate in making this planet better for the next generation. I met the Magenta team over lunch when I was in India and within minutes into the discussion, I felt I found a team who are as passionate as I am, to bring about a difference,” Dr. Patel said.
Founded by Maxson Lewis and Darryl Dias, Magenta was Incorporated in 2017, and in the last three years, it has established itself as a key player in the EV charging market under the ChargeGrid brand. The company aims to have a share of 30% in the Indian EV charging market, which it estimates to be 3000 GW.hr 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. At present, Magenta has operations in more than 10 cities.
“With Dr. Kiran Patel coming aboard, Magenta would be exposed to global markets, backed by financial and strategical management bandwidth. Dr. Patel has been investing and supporting start-ups and early-stage businesses in India and across the globe and mentor them through their scale-up journey,” said the company in a statement.
It further added that Pantomath Capital Advisors Private Limited is the sole investment banker to Magenta for the transaction.
In 2018, Hindustan Petroleum Corporation Ltd invested in Magenta Power, as it plans to get into the electric vehicle charging business in the future.
“Magenta provides end-to-end hardware, software, installation, operations and maintenance of electric vehicle charging solutions. Magenta will expand its product line with new streetlamp integrated EV charger, one of many new innovative products currently under development,” said the company in the above-mentioned statement.
Lack of charging stations has been one of the biggest impediments for adoption of electric mobility in the country and startups like Magenta are playing a crucial role in developing low-cost chargers which can be deployed in different parts of the country.
The Indian government in collaboration with manufacturers of electric vehicles and charging devices has been developing a low-cost charging device for electric two and three-wheelers which is expected to help push the adoption of such vehicles in the coming years.
The Narendra Modi government has been urging vehicle manufacturers to develop and manufacture electric vehicles to reduce vehicular emissions and curb oil imports. The union government has also been incentivizing the purchase of such zero-emission vehicles and setting up of changing devices through the second phase of the Faster Adoption and Manufacturing Electric and Hybrid vehicle (FAME) scheme.