Now, EV Startup Ohm Mobility Shuts Operations

SUMMARY

The five-year old startup failed to scale the business despite numerous pivots in its journey, its cofounder and CEO Nikhil Nair said

Ohm Mobility, founded by Nair in 2020, connected EV fleet operators, manufacturers and battery companies with banks and other financial institutions to help the former secure capital

The startup raised around INR 5 Cr in its run time from notable investors like Antler India, Blume Ventures, Catalyst Fund, and a few angel investors

Adding on to the string of startup shutdowns, EV financing and leasing startup Ohm Mobility is now winding down its operations. The five-year old startup failed to scale the business despite numerous pivots in its journey, its cofounder and CEO Nikhil Nair said.

“While we didn’t crack the model that could scale and sustain, we got a front-row seat to what works, what doesn’t, and why. We failed at a few business models, but now understand their ins and outs deeply,” Nair said in a LinkedIn post.

Ohm Mobility, founded by Nair in 2020, connected EV fleet operators, manufacturers and battery companies with banks and other financial institutions to help the former secure capital. Nikhil Saigal, former executive of IT solutions provider Onfido, joined the startup as the second cofounder and CBO in 2022.

The startup used data (IoT data) from EVs to understand and reduce the risks associated with financing, making it easier for financial institutions to provide them credit.

Ohm Mobility raised around INR 5 Cr in its run time from notable investors like Antler India, Blume Ventures, Catalyst Fund, and a few angel investors.

In line with the mention of business pivots by the cofounder, Ohm Mobility recently rechristened to Ohm Daily to focus on providing financial products for daily earners, particularly gig workers and professionals in the mobility sector (like auto drivers).

Ohm Mobility did not file its financial statements with MCA for any financial year since its inception.

Notably, this is not the first new-age tech company to shut shop this year. In June, Inc42 reported that three-wheeler EV manufacturer Altigreen was close to winding down its operations due to a funding crunch as it saw an underwhelming response from the market. Besides, Log9 and BluSmart also saw tumultuous downfall in recent months.

Two early stage startups, quick commerce venture Blip and AI startup subtl.ai, also shut operations recently due to failure to scale and lack of investor interest.