M&A

M&A

EV infra firm Magenta acquires EV charger and parts firm Axiom Energy

Press Release  

Mumbai-based Magenta, an integrated electric vehicle charging solutions company, has acquired a majority stake in Hyderabad-based Axiom Energy Conversion Ltd, a 25-year-old EV components manufacturer. The deal enables Magenta to have a large in-house manufacturing facility for EV charging equipment. Pantomath Capital Advisors was the sole investment banker for Magenta's investment transactions. Axiom Energy, promoted by MJ Purohit, is stated to be the largest selling EV charger brand in the e-rickshaw segment, with a manufacturing capacity of 650,000 charger units a year. With the Magenta-Axiom partnership, plans are afoot to develop a greenfield manufacturing setup dedicated to EV powertrain components, including chargers, converters, motor controllers and drive train components.

From the Venture Intelligence Angel Investments Database: In Nov-21, Indian-American cardiologist and serial entrepreneur Kiran Patel had acquired a 50% stake in Axiom Energy.