Magenta in advance talks with investors for funding

Mumbai, May 24: Integrated EV charging and mobility solutions firm Magenta on Tuesday said it is in advanced stages of discussions with multiple investors to raise Series B funding as it expands its geographical footprint.
The company, in a release, also announced its plans to scale up its workforce by over 340 people this year.
Seed funded by HPCL in 2018 and backed by Microsoft Global Start-up Program, the Pune-based company had raised pre-series funding from JAN (JITO Angel Network) and LetsVentures followed by Series A funding of USD 15-million from eminent India-American Philanthropist and serial entrepreneur Kiran Patel in May last year.
Magenta is currently in advanced stages of discussions to raise Series B funding in 2022, the company said, adding that it is all set to hire over 340 employees in 2022 for a variety of positions, including entry-level, mid-level, and experienced candidates.
The mobility solutions firm said it is expanding its geographical presence with new offices in Bengaluru, Hyderabad and Delhi-NCR.
“Magenta has a strong growth plan lined up for this fiscal year driven by the multiple fold growth we achieved in FY 2022. We have set up audacious but achievable plans to tango with the growing EV ecosystem in India and abroad,” said Maxson Lewis – Founder Director, Magenta.
The next 6-12 months are critical for the company’s growth ambitions, he said, adding, “hence we are looking to hire 340 people to match the demand of current and future businesses”.
The company said its growth has been on a strong upward trajectory over the last year.
Magenta’s revenue has increased 54 fold while the workforce has tripled during this period, it added.
Along with the technical fields, the company is hiring talent across human resources, finance, marketing, and communications, the company said.
The talent acquisition team is actively participating in multiple campuses and off-campus drives and planning to hire across tier 1 and 2 institutes, it added.
Last year, the company launched its new business line EVET and also acquired Axiom to bolster its manufacturing presence in the EV ecosystem. (PTI)