Magenta EV Solutions, a startup associated with developing changing devices for electric vehicles, on Thursday, announced raising ₹120 crore from Kiran C Patel, an Indian American cardiologist and philanthropist. In 2020, Magenta had raised pre-series funding from JITO Angel Network and LetsVenture.
“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 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 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 emission 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.
