iNDICA NEWS BUREAU-
A well-known Indian-American cardiologist and serial business entrepreneur have acquired a major stake in one of India’s leading electric vehicle (EV) powertrain components manufacturing company.
Dr. Kiran Patel, an eminent cardiologist who is also known for making several valued investments in up-and-coming startups has now showed interest in a Hyderabad-based EV components manufacturer, Axiom Energy Conversion, which develops battery chargers, DC converters, and motor controllers.
Dr. Patel has in fact acquired 50% stake in the company
Currently, Axiom customers include multiple leading EV original equipment manufacturers and retailers. Pantomath Capital Advisors was the investment banker to the transaction.
Dr. Patel has been investing and supporting start-ups and early-stage businesses in India and across the globe and mentoring 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 Concept Medical’s medical device company. In 2018, Dr. Patel committed $200M towards real estate and facility expansion in the medical education complex that will be part of NSU’s Tampa Bay Regional Campus in Clearwater, FL. Dr. Patel’s philanthropic endeavors under his family office now span across the globe.
