Magenta Acquires India’s Biggest Electric Rickshaw Company, Axiom

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Magenta acquires Axiom, India’s biggest electric rickshaw charger company. Earlier, Magenta signed an agreement with the government of Tamil Nadu to establish a Rs 250 crores plant for electric vehicle charging in the state.

Axiom Energy is a Hyderabad-based firm that manufactures DC converter and battery charges. The company aims to be the largest 2 wheeler and 3 wheeler component supplier in India. Axiom has envisaged to 6 fold its manufacturing capacity to 3 million units by the end of 2022.

Magenta provides EV charging solutions in India and plans to invest in chargers, EV powertrain components, drivetrain components, and motor controllers.

Maxson Lewis, MD, Magenta, 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, which is passionate to bring about a change towards clean mobility.”

Indian American philanthropist and serial entrepreneur, 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.”

M J Purohit, MD of Axiom, said, “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. 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.”

Also, Magenta is backed by the Microsoft Startup Program which strengthens the technological platform for electric vehicle mobility. The company in the year 2020, raised funding from LetsVenture and JAN (JITO Angel Network).

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