· Telangana State Renewable Energy Development Corporation Ltd. (TSREDCO) is the nodal agency for the State of Telangana for promotion of Energy Conservation Initiatives and Renewable Energy programmes and Projects such as adoption of Electric Vehicles.
· Founded in 2017; Magenta is one of the fastest growing Integrated EV Solutions companies
· Magenta provides end-to-end hardware, software, installation, operations & maintenance of EV charging solutions under the ChargeGrid brand.
· Magenta expands its business line with deployment of Electric Vehicles under the EVET (Electric Vehicle Enabled Transport) platform
TSREDCO which is the nodal agency for the State of Telangana for promotion of Energy Conservation Initiatives and Renewable Energy programmes and projects such as adoption of Electric Vehicles has signed an agreement with Navi Mumbai-based, Electric Vehicle (EV) solutions company, Magenta. Under this agreement TSREDCO will coordinate the transition of government officer transport from ICE (Internal Combustion Engines) vehicles to EVs across the State departments of Telangana.
Telangana has always had a progressive view towards clean mobility solutions. The Telangana EV Policy launched in 2019 was further built upon to launch the ‘Telangana Electric Vehicle & Energy Storage Policy 2020-2030’. TSREDCO has been working relentlessly to deliver the policy’s mission to make Telangana a hub for Electric Vehicles & Energy Storage Systems.
As part of this initiative and under this agreement, Magenta will deploy Electric Vehicles under its EVET (Electric Vehicle Enabled Transport) platform and associated charging infrastructure across the State and strive to achieve substantial reduction in total cost of transportation for personal and commercial purposes, supported by a strong charging infrastructure. The EVET platform is a tech enabled EV deployment platform which allows for optimizing and managing EVs through a centralized system and network management. This in tandem with their existing ChargeGrid platform allows for a fully integrated EV deployment solution for corporates and governments.
Incorporated in 2017, Magenta was founded by Maxson Lewis and Darryl Dias. The duo have combined global experience of over 3 decades in management consulting, automotive & renewables industries. Over the last three years, Magenta had established itself as a key player in the EV charging market under the ChargeGrid brand. This agreement with TSREDCO marks the launch of Magenta in the EV mobility sector under their EVET brand.
On the occasion, Mr. Maxson Lewis, MD of Magenta, said: “Magenta is committed to solving EV challenges. We started solving the EV charging challenges with made in India, made for India solutions. With the launch of our EVET platform, we are now targeting to make electric mobility smart & affordable. We are extremely delighted to partner with Telangana State Government to make it an EV amenable state under its GO ELECTRIC campaign spearheaded by TSREDCO. We are committed to spearheading the EV growth in India by aggressively deploying charging stations while leveraging our advanced technology platform for deploying the mobility solutions.”
Seed funded by HPCL in 2018 & incubated by Shell in 2019, Magenta is also backed by the Microsoft Startup Program to further boost its advanced technology platform for Electric Mobility.
In 2020 Magenta had raised a pre series funding from JAN (JITO Angel Network) and LetsVenture. In May 2021, Magenta had announced that it had closed its Series A funding by renowned Indian-American philanthropist, billionaire and serial entrepreneur.