M
Physics Motors Technology, an electric vehicle drive train technology manufacturing company, has raised undisclosed pre-Series A funding from Kiran Patel, an Indian-American cardiologist and serial entrepreneur. Patel has acquired over 30 per cent stake in the Hubli-based company which is into the production of hub motor for 2W applications and plans to extend it to mid-motor in coming months.
Founded by Deepak Jadhav in 2019, Physics Motors has developed indigenous hub motors and mid motors for various power specifications for the Indian EV market. With over 14 years of design engineering experience in the hi-tech semiconductor capital equipment industry, Jadhav holds several patents.
With its in-house motor design and simulation expertise, the company has the capability to design and manufacture custom motors for EV original equipment manufacturers. Pantomath Capital Advisors was the sole investment banker to the transaction.
Offering superior quality
Deepak Jadhav, CEO, Physics Motors, said the fund raised will solve EV drivetrain challenges of building world-class and Made in India superior quality traction motors for EV OEM’s in India and global markets. With investment from Patel, the company would get exposure in the global markets.
Last May, he invested in a leading charging infrastructure and technology company, Magenta and followed it up with an investment in Axiom Group, a leading EV power-train component manufacturer. Patel said the indigenous ‘Make in India’ manufacturing of EV Drivetrain Technology of Physics was impressive and it is essential if India has to be self-sufficient in the electric mobility sector.
“This is just the beginning of my investments into Physics Motors and we have carved out a larger investment chest from our international family office to make it a leading platform for EV drivetrain in our portfolio,” he added.