Magenta to infuse ₹250 crore in Tamil Nadu for EV unit

Magenta will invest close to ₹250 crores and set up a manufacturing unit focused on the design, product development and architecture standards for EV technologies in the e-mobility space. The investment will be mainly for the R&D, manufacturing technologies and a broader set of choices in the e-mobility segment. It signed a Memorandum of Understanding (MoU) with the State Government of Tamil Nadu to invest in building the EV charging infrastructure in the state.With the new manufacturing plant plans in Tamil Nadu, Magenta will provide job opportunities to local communities within the region and create around 500 jobs in the next two years. Furthermore, over 1600 employees will be trained in EV charger manufacturing, assembly, installation and operations over the next five years. The facility aims to create a robust supply-chain ecosystem in and around the region and make Tamil Nadu EV ready.Maxson Lewis, Managing Director, and CEO, Magenta, said, “We are glad to join hands with the Government of Tamil Nadu in strengthening their vision for building a robust EV ecosystem for India. Skilled workforce, Strong infrastructure, coupled with a government having a progressive and investor-friendly approach, makes the state poised to become the next EV hub in the county."Magenta has many firsts to its credit, including the solar-based EV Charging Stations, India’s first EV Charging Corridor for Mumbai – Pune Expressway, and ChargeGrid App, an integrated and automated network of all charging stations on Mobile.Seed funded by HPCL in 2018 & incubated by Shell in 2019, Magenta is also backed by the Microsoft Startup Program further to strengthen its advanced technology platform for Electric Mobility. In 2020, Magenta had raised pre-series funding from JAN (JITO Angel Network) and LetsVenture. In May 2021, Magenta announced that it had closed its Series A funding by renowned Indian American philanthropist, billionaire, and serial entrepreneur, Dr. Kiran Patel.Magenta was amongst the 59 companies that signed MOUs with the Tamil Nadu Government in the Investors Conclave organized by the Industries Department in Coimbatore.Published by Live Mint on November 25th | https://bit.ly/3y7ut50Check out how Revenue Based Financing is the asset class for the Smart Investor and what investors should account for in Bharat-focused startups?