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 a 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.
