After five years of attempting to develop a scalable business model, Ohm Mobility, a startup that provides EV financing and leasing, has announced that it is closing its doors.
Cofounder and CEO Nikhil Nair confirmed the decision on LinkedIn, stating that the company tried a number of different business models but was unable to maintain growth.
Ohm Mobility was established in 2020 by Nikhil Nair with the goal of assisting EV fleet operators, manufacturers, and battery companies in obtaining finance by connecting them with banks and financial institutions.
The business assessed risk and enhanced financing choices using IoT data from EVs. Former Onfido executive Nikhil Saigal became a co-founder and chief business officer of the company in 2022.
Antler India, Blume Ventures, Catalyst Fund, and a number of angel investors contributed around Rs 5 crore to Ohm Mobility. In order to focus on providing financial products for gig workers and mobility professionals like auto drivers, the firm changed its name to Ohm Daily earlier this year. But in spite of these efforts, the business was unable to gain the traction it had hoped for.
The shutdown of Ohm Mobility comes after Altigreen, Blip, ANS Commerce, O’Be Cocktails, and subtl.ai were among the startups in India to close.
