9th November 2021, Hyderabad : Hyderabad based, Electric Vehicle (EV) powertrain components manufacturing company, Axiom Energy Conversion Limited. “Axiom” confirmed that a significant stake of close to 50% in the Company has been acquired by eminent Indian-American cardiologist, philanthropist billionaire and business serial entrepreneur, Dr. Kiran Patel.
Incorporated in 1997, Axiom was founded by Mr. Mohanlal Jesai Purohit. Mr. Purohit has experience of over 4 decades in electronics manufacturing. Over the last few years, Axiom has established itself as a key player in the EV powertrain components market. The Company is known for its quality products across the EV value chain from in-house designed battery chargers, DC convertors, and motor controllers.
Currently Axiom customers include multiple leading EV OEM’s and retailers and it continues to rapidly expand its customer base with acquisition of many new customers.
The Company recently launched a new EV charger for two wheelers, alongside chargers for three wheelers. Axiom has plans to introduce world class 4 wheelers EV powertrain solutions over the next 3 years.
With Dr. Kiran Patel coming aboard, Axiom would be exposed to global markets, backed by financial and strategic management bandwidth. Dr. Patel has been investing and supporting start-ups and early- stage businesses in India and across the globe and mentor them through their scale-up journey. Most recently, Dr. Patel was instrumental in taking public the India-based chemical manufacturer, Anupam Rasayan, of which Dr. Patel is Chairman. Anupam Rasayan went public in March of this year at a valuation of over $750 million, fueled by a total capital infusion of $100 million from Dr. Patel which began in 2018. Other recent investments include a $ 60 million dollar investment in 2018 into the medical device company, Concept Medical. This year, Concept Medical became the first India-based company to file for an Investigational Device Exemption (IDE) with the USFDA.
The support to Axiom reflects Dr. Patel’s long-standing initiative of supporting a brighter, cleaner future. In 2005, Dr. Kiran Patel’s lead gift resulted in the construction of the Kiran C Patel Center for Global Solutions. The University of South Florida also created The Kiran C Patel College of Global Sustainability (PCGS). PCGS, now a degree earning college, also produces research and innovations to help cities around the world reduce their ecological footprint while supporting a healthier, more livable and resilient environment. Earlier in May, 2021, Dr. Patel invested in Series A round of leading charging infrastructure and technology company, Magenta.
Speaking about his investments in Axiom, Dr. Kiran Patel said, “My wife and I have always believed in building a legacy by partnering with companies who are passionate in making this planet better for the next generation. I came across the Axiom team recently and we were impressed by the indigenous Make-in-India manufacturing of EV powertrain components, which I believe is essential if India has to be self-sufficient in electric mobility.”
“This is just the beginning of my investments into Axiom and we have carved out a larger investment chest from our international family office. I have a vision for Axiom which goes beyond the Indian sub-continent and with this energetic team with me, we are bound to make Axiom a leading platform for EV powertrains in our portfolio”, added Dr. Patel.
Mr. M. J. Purohit, MD of Axiom said on one occasion, “Axiom is committed to solving EV powertrain/ charging challenges with made in India custom tailored made solutions. These products which we have developed not only for the Indian market, but will have opportunities for the international market as well.
Over the last few years Axiom has built a strong business in the EV powertrain segment in which we operate and with mentor and Investor like Dr. Kiran Patel participating in Axiom, we stand immensely confident we will be able to reach our goals and will be one of the leading EV powertrain solution provider in India”
Pantomath Capital Advisors Private Limited is the sole Investment Banker to the transaction. Recently, Pantomath managed equity fund raise rounds for EV charging player, Magenta as well.
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