Ohm Mobility, a startup that offered financing and leasing for electric vehicles, is shutting down after five years.
Co-founder and CEO Nikhil Nair shared on LinkedIn that the company tried different business ideas but couldn’t grow as planned.
“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, started in 2020 by Nikhil Nair, was created to help EV fleet operators get funding from banks and financial companies. It used data from electric vehicles (IoT) to help lenders better understand risk and make financing safer and easier.
In 2022, Nikhil Saigal, a former executive at Onfido, joined as co-founder and Chief Business Officer.
Over time, the company changed its focus. It was recently renamed Ohm Daily and began offering financial products to gig workers and mobility professionals, like auto drivers.
Even though the startup raised about ₹5 crore from investors like Antler India, Blume Ventures, Catalyst Fund, and several angel investors, it couldn’t grow fast enough and is now shutting down.
Ohm Mobility also never filed its financial records with the government (MCA) during any year it operated.
It’s not the only one struggling—many new tech startups have had a tough year. In June, Altigreen, a company making electric three-wheelers, almost shut down due to a lack of funds. Other EV startups like Log9 and BluSmart have also faced serious challenges recently.
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