Incorporated in 2019, Physics Motors was founded by Deepak Jadhav. He has 14+ years of Design Engineering experience in 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 Indian EV market specifically for 2W EV Application. The company is currently into production of Hub Motor for 2W application and extending it to Mid Motor in 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 acquisition of many new customers.
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 mentor 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 in excess of $1.2 billion dollars. After exiting Wellcare, Dr. Patel’s talent 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 spans across 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 the construction of 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 around the world reduce their ecological footprint while supporting a healthier, more livable and resilient environment. Earlier in May, 2021, Dr. Patel invested in Series A round of leading charging infrastructure and technology company, Magenta. In Nov, 2021 Dr. Patel invested Axiom Group, of 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 in 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 OEM’s. 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 strong product portfolio in the EV Drivetrain segment in which we operate and 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.
The EV component eco system in India has been lagging behind countries like China and South East Asia for quiet some time now. So it is imperative for EV component developers like Physics motors to get this investment to speed up the development of their Hub and mid drive EV motors.
We wish the team the best of luck and look forward to listening from the team soon.