Integrated EV charging solutions firm Magenta on Wednesday said it has made "significant" investment in Hyderabad-based EV component maker Axiom Energy Conversion. Magenta, however, did not disclose the amount of its investment in Axiom, which is targeted at achieving the company's ambition to become an exclusive destination for end-to-end EV solutions.
Promoted by M J Purohit, the 25-year-old company is into the manufacturing of battery chargers and DC converters, focusing on the ever-growing EV industry.
"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," Magenta said in a statement.
With the Magenta Axiom investment and joint venture, plans are afoot to develop a greenfield manufacturing setup dedicated to EV powertrain components, including chargers, convertors, motor controllers and drive train components, it added.
"We are amazed at the 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," said Magenta Managing Director Maxson Lewis.
Magenta has believed in building an end-to-end platform solution for EV Charging, said Lewis, and this new state-of-the-art facility will contribute considerably to further advancing Magenta's move toward zero-emission electric mobility.
"We are glad to be supported by Axiom, who are passionate about bringing about a change towards clean mobility, '' he said.
Industry insiders, nevertheless, said Magenta has invested over Rs 50 crore in the acquisition of the charging and component business of Axiom to expand its charging capabilities.
Axiom already 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, as per the release.
Presently, Axiom customers include multiple leading EV original equipment manufacturers and retailers.
This acquisition is significant for the company and the whole EV industry, Magenta said, adding, this move will forge India ahead in developing a comprehensive e-mobility ecosystem.
The investment 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, it said.
"Axiom is committed to developing new and robust EV components and charging solutions.
"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 well placed to capture this burgeoning market space," stated Purohit, managing director of Axiom Energy Conversion Ltd.
"We have jointly lined up a robust portfolio of EV components and are working on developing these new age smart and affordable EV solutions," he said.
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, as per the statement.
Future expansion plans include deploying these integrated EV solutions across the country, it added.
"With Magenta and now Axiom, I feel we have brought together a formidable team.
"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," said Kiran Patel, an Indian-American cardiologist and Philanthropist, who invested Rs 120 crore in Magenta in May this year.
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