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Shell-backed EV charging solutions firm Magenta closes $15 mn funding round
Photo Credit: VCCircle

Shell-backed Magenta EV Solutions, which focuses on electric vehicle charging solutions, on Thursday closed a $15 million (Rs 120 crores) funding round led by Indian-American cardiologist and entrepreneur Kiran C Patel.

The new capital will expose it to global markets, Magenta said adding that it expects additional capital from Patel.

Patel, who is chairman of chemical manufacturer Anupam Rasayan which launched its initial public offering recently, has been investing in startups and early-stage businesses in India and abroad.

Last year, Magenta, which caters to developing technology solutions for the renewable energy sector in India, raised funding round from JITO Angel Network and LetsVenture.

Founded in 2017, it provides hardware, software, installation, and operations and maintenance services for electric vehicle charging solutions. Magenta counts Nissan, Tata, Mahindra Electric, Hero Electric among its clients.  

Pantomath Capital Advisors acted as the sole investment banker for the deal.

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