The commercial vehicle maker, part of the Hinduja family’s conglomerate, is working with an adviser to assess interest from potential investors, including global private equity firms. The people cited requested anonymity as the discussions are private.
The proposed funding round could value OHM Global Mobility Pvt at $800 million to $1 billion. However, deliberations are ongoing, and the Hinduja family may choose not to proceed if investor interest does not align with valuation expectations.
Representatives of Ashok Leyland and OHM Mobility declined to comment.
OHM provides electric buses and other commercial EVs to customers under pay-per-use contracts. This model allows fleet operators to adopt electric vehicles without upfront capital investment, while OHM manages vehicle maintenance.
The Hinduja group has already invested ₹3 billion ($33 million) in OHM and plans to inject an additional ₹3 billion to support operations through March, Ashok Leyland Chief Executive Officer Shenu Agarwal said during an earnings call in August. “Beyond that, we are very open to looking at other fundraising options,” he said.
At the time of the earnings call, OHM operated over 850 buses and aimed to scale its fleet to more than 2,500 within 12 months, Agarwal added.
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