Eminent Indian-American Cardiologist, Philanthropist, Billionaire and Serial Entrepreneur, Dr. Kiran C Patel Invests in EV Technology Startup Physics Motors Technology Pvt Ltd Acquiring more than 30% stake
Physics Motors is India’s one of few Indigenous EV Drive Train Technology Design and Manufacturing Company
Physics Motors possesses capabilities of Research, Design and Manufacturing of EV Drivetrain Technology for all varieties of Electric Vehicles
Pantomath Capital Advisors Private Limited is the sole Investment Banker to the transaction
Bengaluru (Karnataka) [India], March 15: Hubli based, Electric Vehicle (EV) Drive Train Technology Manufacturing company, Physics Motors Technology Pvt Ltd. “Physics Motors” confirmed that it had raised Pre Series A funding from eminent Indian-American cardiologist, philanthropist billionaire and business serial entrepreneur, Dr. Kiran Patel acquiring more than 30% stake in the Company.
Incorporated in 2019, Physics Motors was founded by Deepak Jadhav. He has 14+ years of Design Engineering experience in the Hi-Tech Semiconductor Capital Equipment Industry and holds several patents. Physics Motors has highly experienced other Co-Founding Team Members. Over the last two years, with Engineering Innovation in traction Motor designing, Physics Motors has developed Indigenous Hub Motors and Mid Motors of various power specifications for the Indian EV market, specifically for 2W EV Applications. The company is currently producing Hub Motor for 2W applications and extending it to Mid Motor in the coming months. With its in-house Motor Design and Simulation Expertise, Physics Motors has the capabilities to design and manufacture custom motors for EV OEM’s .
Currently, Physics customers include multiple EV OEM’s, and it continues to rapidly expand with the acquisition of many new customers.
Pantomath Capital Advisors Private Limited is the sole Investment Banker to the transaction.
With Dr. Kiran Patel coming aboard, Physics Motors would be exposed to global markets, backed by financial and strategical management bandwidth. 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 last 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 the medical device company Concept Medical. Last year, Concept Medical became the first India-based company to file for an Investigational Device Exemption (IDE) with the USFDA.
Dr. Kiran Patel moved to Tampa, Florida, in 1982 and quickly expanded his cardiology practice into a physician practice management company diverging into 14 practices. Shortly after, Dr. Patel exhibited his business acumen and leadership abilities after acquiring a struggling healthcare maintenance organization (HMO), Wellcare Health Plans, growing the business into the 5th largest Medicaid HMO in the country with annual revenues over $1.2 billion dollars. After exiting Wellcare, Dr. Patel’s talents for scaling billion-dollar businesses was displayed when he started a new insurance company, America’s 1st Choice Holdings of Florida. After considerable organic growth and strategic acquisitions of Tampa Bay-based companies, including Medicare Advantage Health Plans, Freedom Health and Optimum Health, Dr. Patel grew America’s 1st Choice to annual revenues of over $1.6 billion.
Most notable are Dr. Kiran Patel’s considerable education and healthcare based philanthropic activity. 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 the globe.
The support to Physics Motors reflects Dr. Patel’s long-standing initiative of supporting a brighter, cleaner future. In 2005, Dr. Kiran Patel’s lead gift resulted in constructing the Kiran C Patel Center for Global Solutions. The University of South Florida also created The Kiran C Patel College of Global Sustainability (PCGS). PCGS, now a degree earning college, also produces research and innovations to help cities worldwide reduce their ecological footprint while supporting a healthier, more livable and resilient environment. Earlier in May 2021, Dr. Patel invested in a Series A round of leading charging infrastructure and technology company Magenta. In Nov 2021 Dr. Patel supported Axiom Group, the leading EV powertrain component Manufacturer.
Speaking about his investments in Physics Motors, 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. I came across the Physics Motor team recently, and we were impressed by the indigenous Make-In-India manufacturing of EV Drivetrain Technology, which I believe is essential if India has to be self-sufficient in electric mobility.”
“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. I have a vision for Physics Motor which goes beyond the Indian sub-continent, and with this energetic team with me, we are bound to make Physics Motor a leading platform for EV Drivetrain in our portfolio”, added Dr. Patel.
Mr. Deepak Jadhav, CEO of Physics Motor, said on Fund Raise, “Physics Motors is solving EV Drivetrain challenges of building world-class and superior quality traction motors Made In India for EV OEMs. These EV Drivetrain products which we have developed are not only for the Indian market but will have opportunities for the international market as well.
Physics Motors is building a solid product portfolio in the EV Drivetrain segment we operate. With mentor and Investor like Dr. Kiran Patel participating in Physics Motors, we stand immensely confident we will be able to reach our goals and will be one of the leading EV Drivetrain Technology solution providers in India.”
Pantomath Capital Advisors Private Limited is the sole Investment Banker to the transaction.
Divya Agarwal
