TSREDCO (Telangana State Renewable Energy Development Corporation Limited), the nodal agency for the state of Telangana for the promotion of energy conservation initiatives and renewable energy, has signed a partnership with Navi Mumbai based electric vehicle (EV) solutions company Magenta EV Solutions.
Under the agreement, TSREDCO will coordinate the transition of government officer transport from ICE (internal combustion Engines) vehicles to EVs across state departments.
Sanctioned under the EV policy launched in 2019 by the Telangana government, Magenta will deploy EVs under its EVET (Electric Vehicle Enabled Transport) platform and associated charging infrastructure across the state and strive to achieve a reduction in the total cost of transportation for personal and commercial purposes, supported by a strong charging infrastructure.
The EVET platform is a technology enabled EV deployment platform that allows for the optimisation and management of EVs through a centralised system and network management. This is in tandem with the Mumbai based company’s existing ChargeGrid platform, which is a fully integrated EV deployment solution for corporates and governments.
Incorporated in 2017, Magenta was founded by Maxson Lewis and Darryl Dias. Seed funded by HPCL in 2018 and incubated by Shell in 2019, Magenta is also backed by the Microsoft Startup Program. In 2020 Magenta raised pre-series funding from JITO Angel Network and LetsVenture. In May 2021, it closed its Series A funding from Indian-American philanthropist, billionaire and serial entrepreneur Kiran C Patel.