EV Startup Ohm Mobility Shuts Operations

Ohm Mobility, an EV financing and leasing startup is shutting down its operation after five years. 

Despite trying different business models, the company couldn’t scale up, said cofounder and CEO Nikhil Nair on Linkedin.

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“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.

About Ohm Mobility

Founded in 2020 by Nikhil Nair, Ohm Mobility aimed to bridge the gap between EV fleet operators and financial institutions by helping them access funding. The startup used IoT data from EVs to assess risk and make financing safer and easier for lenders.

In 2022, Nikhil Saigal, a former Onfido executive, joined as cofounder and Chief Business Officer.

Over time, the company pivoted its business model. It was recently renamed Ohm Daily, shifting focus to offering financial products for gig workers and mobility professionals like auto drivers.

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Despite raising about Rs 5 crore from investors such as Antler India, Blume founders fund, Catalyst Fund and angel investors, the startup couldn't scale and is now shutting down.

Ohm Mobility never filed its financial statements with the Ministry of Corporate Affairs (MCA) for any financial year since it began.

It’s not alone—several new-age tech startups have struggled this year. In June, EV three-wheeler maker Altigreen was close to shutting down due to lack of funds and poor market response. Other EV startups like Log9 and blusmart have also faced major setbacks in recent months.