Mumbai-based electric vehicle (EV) charging solutions company Magenta EV Solutions, which operates under the brand ChargeGrid, said it has received commitments worth $15 million for its Series A funding round from Florida-based cardiologist and serial entrepreneur Kiran C Patel.
Existing investor JITO Angel Network will participate in the round and the capital will be used to develop more EV charging solutions and grow an international footprint, the firm said in a statement.
Patel has built and sold healthcare ventures such as America’s 1st Choice and WellCare Health Plans.
Founded in 2017 by Maxson Lewis and Darryl Dias, Magenta provides in-house designed hardware; charging software; and installation, operations and maintenance services for solutions related to EV charging.
Last year, the company had raised an undisclosed amount from JITO Angel Network and LetsVenture.
Magenta was seed-funded by Hindustan Petroleum Corporation Ltd (HPCL) in 2018 and was incubated by Shell the following year. It was selected for the Microsoft Global Startup program in 2020.
“Magenta under its ChargeGrid brand is employing technology to solve the most pressing issue in our transition towards electric vehicles-availability of charging points. With an extensive target market sector, ChargeGrid's potential and opportunity for growth are massive,” said Sujay Shah, deal lead from JITO Angel Network.
Magenta recently launched its new streetlamp integrated EV charger named ChargeGrid FLARE, alongside ChargeGrid PRISMA, a residential EV charging solution for high-rises.
“These solutions which we have developed are not only for the price-sensitive India market but will have appeal for the international market as well... The growth in the EV industry in India has been outpacing the automotive industry and with the current ongoing funding round, we will spearhead the EV growth by aggressively deploying charging stations while leveraging our advanced technology platform for scalability,” Lewis said.