EV financing startup Ohm Mobility shuts down operations

EV financing and leasing startup Ohm Mobility has announced that it is winding down operations after five years of trying to build a scalable business model. 

The decision was confirmed by cofounder and CEO Nikhil Nair on Linkedin, who stated that the company experimented with multiple business models but was unable to sustain growth.

Founded in 2020 by Nikhil Nair, Ohm Mobility aimed to connect EV fleet operators, manufacturers, and battery companies with banks and financial institutions to help them secure capital. 

The company used IoT data from EVs to evaluate risk and improve financing options. In 2022, Nikhil Saigal, former executive of IT solutions provider Onfido, joined the company as co-founder and chief business officer.

Ohm Mobility raised approximately Rs 5 crore from investors such as Antler India, Blume Ventures, Catalyst Fund, and several angel investors. Earlier this year, the startup rebranded to Ohm Daily to pivot towards offering financial products for gig workers and mobility professionals such as auto drivers. However, despite these efforts, the company could not achieve the desired traction.

Ohm Mobility’s shutdown follows a series of closures in India’s startup ecosystem, including Altigreen, Blip, ANS Commerce, O’Be Cocktails, and subtl.ai.