Indian American philanthropist invests ₹120 crore in EV startup Magenta

Compiled by: Our Bureau

(Our Bureau, May 22) Magenta EV Solutions, a startup that makes chargers for electric vehicles, has raised ₹120 crore in Series A funding from Indian American doctor-turned-philanthropist Kiran Patel. The Navi Mumbai-based venture will use the money raised to introduce the world’s smallest EV charger and expand its product line. Dr Patel is a cardiologist who went on to resurrect and lead at least two managed care companies in Florida. He and his paediatrician wife Pallavi had donated $250 million in 2019 to build Nova Southeastern University’s new regional campus focused on underserved communities.


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