Electric vehicle financing startup Ohm Mobility has officially shut down operations after five years of trying to scale its offerings in India’s rapidly evolving clean mobility space.
Ohm Mobility aimed to simplify credit access for EV fleet operators, manufacturers, and battery companies by connecting them with financial institutions. Its goal was to reduce financing friction in the EV ecosystem using data-led insights.
Founded in 2020 by Nikhil Nair, the startup was later joined by Nikhil Saigal (ex-Onfido) in 2022 as cofounder and Chief Business Officer. The team focused on leveraging IoT data from EVs to assess and mitigate financial risk, helping lenders underwrite loans more confidently.
Despite multiple pivots, including a recent rebrand to Ohm Daily to serve gig workers and daily earners, Ohm Mobility could not achieve sustainable growth.
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Ohm raised INR 5 Cr from investors like Antler India, Blume Ventures, Catalyst Fund, and angels. In a reflective note, CEO Nikhil Nair admitted they couldn’t crack a scalable model but gained deep insights into what works and what doesn’t.
The closure follows a series of EV and tech startup shutdowns in India, including Altigreen, Log9, BluSmart, and others—highlighting the broader challenges in scaling capital-intensive, high-regulation businesses in emerging markets.