ICFG India advises Magenta EV Solutions Pvt. Ltd on their Series A fundraise
ICFG India, Pantomath Group, has successfully advised Magenta EV Solutions Pvt. Ltd. (Magenta“) on their Series A round from Florida based Indian-American philanthropist, Dr. Kiran C Patel.
Mumbai based Pantomath Group has acted as the sole advisor to Navi Mumbai based electric vehicle (EV) charging solutions company, Magenta, on its USD 15 million (INR 120 Crores) in Series A funding from eminent Indian-American cardiologist, philanthropist billionaire and business serial entrepreneur, Dr. Kiran Patel.
Founded in 2017, Magenta was founded by Maxson Lewis and Darryl Dias. The duo have combined global experience of over 3 decades in management consulting, automotive & renewables industries.
Over the last three years, Magenta has established itself as a key player in the EV charging market under the ChargeGrid brand. The company is known for its forward-thinking hardware and software solutions and provides a spectrum of services in the EV value chain from in-house designed charging hardware, charging software, charging & Installation services to technical consulting. Magenta aims to smart-charge 30% of all Indian EVs amounting to 3000 GW.hr of power annually by 2030.
Magenta has plans to introduce the world’s smallest EV charger over the next few months which is anticipated to become a new industry-leading benchmark. This latest round of investment will be used to develop more EV charging solutions and to grow an international footprint.
With Dr. Kiran Patel coming aboard, Magenta will 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, mentoring them through their expansion journey. The support to Magenta reflects Dr. Patel’s long-standing initiative of supporting a brighter, cleaner future.
Dr. Kiran Patel commented:
“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. We were impressed by the speed & execution capabilities of Magenta’s team, with this funding round ChargeGrid will continue its growth trajectory in even faster pace and tap the huge EV Industry which has already started picking up over last couple of years. This is just the beginning of my investments into Magenta and we have carved out a larger investment chest from our international family office. I have a vision for Magenta which goes beyond the Indian sub-continent and with this energetic team with me, we are bound to make Magenta the next billion-dollar company in our portfolio.”
Maxson Lewis, MD of Magenta added:
“Magenta is committed to solving EV charging challenges with made in India, made for India solutions. These solutions which we have developed not only for the price sensitive India market, but will have appeal for the international market as well. We are committed to empowering electric mobility and making electricity clean by providing smart & affordable EV charging solutions. The growth in 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. With a mentor like Dr. Kiran Patel participating in Magenta, we stand immensely strengthened to establish a global cutting-edge EV infrastructure and mobility business.“
Ms. Madhu Lunawat, Co-Founder at Pantomath Capital Advisors Private Limited, commented:
” We are closely tracking and working on electrical mobility, renewables and sustainable businesses with positive impact on society. This is one of our ways of promoting sustainable businesses. We wish Magenta a great success globally in times to come.”