EV financing and leasing startup Ohm Mobility has announced that it is shutting down operations after five years of attempting to establish a scalable business model.
The closure was confirmed by co-founder and CEO Nikhil Nair in a LinkedIn post, where he noted that although the company explored multiple business models, it struggled to maintain sustainable growth.
Launched in 2020 by Nikhil Nair, Ohm Mobility set out to bridge the gap between EV fleet operators, manufacturers, battery providers, and financial institutions by facilitating access to capital. The company leveraged IoT data from electric vehicles to assess risk and improve financing solutions.
In 2022, Nikhil Saigal, a former executive at IT firm Onfido, joined as co-founder and Chief Business Officer. Ohm Mobility had secured around ₹5 crore in funding from investors including Antler India, Blume Ventures, Catalyst Fund, and several angel backers.
Earlier this year, the startup rebranded as Ohm Daily in an effort to pivot toward offering financial products tailored to gig workers and mobility professionals such as auto-rickshaw drivers. However, despite these strategic changes, the company was unable to gain the necessary traction.
Ohm Mobility’s closure adds to a growing list of startup shutdowns in India’s tech ecosystem, joining names like Altigreen, Blip, ANS Commerce, O’Be Cocktails, and subtl.ai.
