Mumbai: Magenta, India’s homegrown integrated Electric Vehicle (EV) charging solutions company, has confirmed a significant investment into Axiom Energy Conversion Limited, one of India’s leading & oldest EV component manufacturer.
Axiom Energy Conversion is a 25-year-old Hyderabad-based company promoted by Mr. M J Purohit in battery chargers and DC converters, focusing on the ever-growing EV industry. Already Axiom is India’s largest selling EV charger brand in the e-Rickshaw segment, with an existing manufacturing capacity of 6,50,000 charger units per annum. Currently, Axiom customers include multiple leading EV original equipment manufacturers and retailers.
With the Magenta Axiom investment and partnership, plans are afoot to develop a greenfield manufacturing setup dedicated to EV powertrain components, including chargers, convertors, motor controllers and drive train components. The majority stake acquisition of Axiom enables Magenta to have a large in-house manufacturing facility for its EV Charging equipment with a mission to Make in India, Make for the World. With this transaction, Magenta Axiom emerges as one of the most integrated EV charging players with business verticals spanning from Charger manufacturing to Charging technology, Charging as a service and Last mile electric delivery. Future expansion plans include deploying these integrated EV solutions across the country.
Speaking about his investments in Axiom, MD of Magenta Mr. Maxson Lewis, said, “We are amazed at a depth of knowledge and manufacturing capability in AC-DC conversion that Axiom has developed. It was only recently that our joint discussion turned into an investment and partnership. Magenta has believed in building an end-to-end platform solution for EV Charging, and this new state-of-the-art facility will contribute significantly to further advancing Magenta’s move toward zero-emission electric mobility. We are glad to be supported by Axiom, who are passionate to bring about a change towards clean mobility.”
This acquisition is significant for Magenta and the whole EV industry. This move shall forge India ahead in developing a comprehensive e-mobility ecosystem. It is expected to further broaden the company’s e-mobility portfolio with Magenta and its associated brands “ChargeGrid” and “EVET”. With this Magenta will continue to travel its growth trajectory at an even faster pace and tap the vast EV Industry, which has already started picking up over the last couple of years in India and beyond India.
Speaking about this investment, Dr. Kiran Patel said, “My wife and I have always believed in building a legacy by partnering with companies who are passionate about making this planet better for the next generation. With Magenta and now Axiom, I felt we have brought together a formidable team who are as passionate as I am to bring about a difference. I have a vision for Magenta which goes beyond the Indian sub-continent, and with this energetic team with me, we are bound to make Magenta the next billion-dollar company in our portfolio.”
Mr. M J Purohit, MD of Axiom said on this occasion, “Axiom is committed to developing new and robust EV components and charging solutions. Our EV components are designed to be SIMPLE, SMALL and RELIABLE while being imbibed with the latest tech. We intend to become the largest standalone component supplier for Chargers, DC- DC converters and Motor Drives in the country and with the association of Magenta we are very well placed to capture this burgeoning market space.
We have jointly lined up a robust portfolio of EV components and are working on developing these new age smart and affordable EV solutions.”
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. Magenta has closed its Series A funding by renowned Indian American philanthropist, billionaire, and serial entrepreneur, Dr. Kiran Patel.
Pantomath Capital Advisors has been the sole investment banker for Magenta’s investment transactions.