EV financing and leasing startup Ohm Mobility has officially shut down after operating for five years. The decision to close the company was confirmed by cofounder and CEO Nikhil Nair, who shared the update on LinkedIn. He said that the company had explored several business models over the years but was unable to find one that could scale and support long-term growth.
Ohm Mobility was established in 2020 by Nikhil Nair with a vision to link EV fleet operators, manufacturers, and battery companies with banks and financial institutions to help them access capital. The startup used data collected through IoT devices installed in electric vehicles to assess financial risk and improve the quality of financing solutions offered.
In 2022, Nikhil Saigal, who previously worked as an executive with a technology services firm, joined the company as cofounder and chief business officer to support the company’s growth plans.
Over the years, Ohm Mobility raised around Rs 5 crore from a group of investors including venture capital firms and angel backers. Earlier this year, the company rebranded itself as Ohm Daily and shifted focus towards building financial products targeted at gig workers and mobility professionals such as auto drivers. Despite the pivot and renewed efforts, the company was unable to gain the necessary traction to sustain operations.
The closure of Ohm Mobility comes at a time when several startups across sectors in India have also shut down, reflecting the broader challenges faced by emerging companies in securing long-term viability. Some of the recent shutdowns include companies operating in electric mobility, commerce, and consumer products.
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