Indian homegrown electric vehicle charging and mobility solutions company Magenta has raised a total of $40 million in Series B funding through a combination of equity and debt.
It has closed $20 million in equity funding led by two global marquee investors, co-founder Maxson Lewis told DealStreetAsia in an interview.
The company also raised $20 million in debt in the same round, Lewis said, without disclosing the names of the investors. He said the company is expected to make an announcement in a couple of weeks.
Seed-funded by HPCL in 2018 and backed by Microsoft’s global startup program, Magenta had raised pre-Series A funding from JAN (JITO Angel Network) and LetsVentures in 2020. This was followed by a $15 million Series A funding by Indian American billionaire and serial entrepreneur Kiran Patel in May 2021.
Source and more: DealStreet Asia
