Ohm Mobility, an EV financing and leasing startup, has announced that it is shutting down operations after five years of attempting to build a scalable business model.
On LinkedIn, cofounder and CEO Nikhil Nair affirmed the decision, claiming that despite trying a number of different business models, the company was unable to sustain growth.
Key Highlights
- Ohm Mobility confirms shutdown, citing failure to scale EV financing business after multiple pivots.
- Previously raised ₹3 crore in 2023 from Antler India and Blume Founders Fund, aimed at EV lending.
Ohm Mobility, founded in 2020 by Nikhil Nair, aimed to help EV fleet operators, manufacturers, and battery companies secure capital by connecting them with banks and financial institutions.
The company analyzed IoT data from EVs to assess risk and improve financing options. In 2022, Nikhil Saigal, a former executive at IT solutions provider Onfido, joined the company as co-founder and CBO.
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Ohm Mobility raised around Rs 5 crore from investors including Antler India, Blume Ventures, Catalyst Fund, and several angel investors. Earlier this year, the startup changed its name to Ohm Daily to focus on financial products for gig workers and mobility professionals like auto drivers. Despite these efforts, the company did not gain the desired traction.
Ohm Mobility's closure comes after a slew of other startups in India, including Altigreen, Blip, ANS Commerce, O'Be Cocktails, and subtl.ai, have folded.
