After five years of operation, Ohm Mobility, a Bengaluru-based platform Ohm Mobility, a Bengaluru-based platform that sought to link financial institutions with India’s electric vehicle (EV) sector, has officially shut down after five years of operation. The CEO and co-founder of the business, Nikhil Nair, made the announcement on LinkedIn. Nikhil Nair described what went wrong and the lessons learnt from the episode.
Vision: Bridging EV Operators and Lenders
Established in 2020, Ohm Mobility sought to address a significant financial gap for manufacturers, battery suppliers, and EV fleet operators. By analysing risk using IoT data from automobiles, the technology gave lenders greater confidence when transferring funds.
Backed by Antler India, Blume Ventures, Catalyst Fund, and angel investors, it raised approximately ₹5 crore (~$600K) over its lifetime with bold ambitions.
Push to Pivot: From EV Financing to Sachet Lending
By 2022, Ohm brought on a second co‑founder, Nikhil Saigal, former Onfido executive, to help navigate deeper business pivots. The company later rebranded as Ohm Daily, targeting gig economy workers and daily‑income mobility professionals, like auto‑rickshaw drivers, with small daily repayment financial products.
Scaling Issues: Why the Venture Failed
In his post, Nair was frank: “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.” He acknowledged multiple failed experiments and persistent friction in business models, despite gaining deep industry insights.
Challenges included a fragmented EV financing ecosystem, thin margins, limited lender participation in early-stage EV lending, and misalignment between product-market fit and infrastructure maturity.
A Respectful Exit: “Lost the Match, But Love the Game”
Nair’s tone stood out, honest and forward-looking. He expressed gratitude for early lessons and reaffirmed continued engagement in the cleantech and mobility sectors. “This chapter didn’t end the way we’d hoped… but I’m excited about what’s next… taking everything we’ve learned (especially what not to do!) into the next build,” he wrote.
Takeaways: Lessons for India’s EV World
A few realities for cleantech founders are brought to light by the Ohm Mobility story:
- Product-market fit is not always guaranteed by a ground-breaking idea alone.
- Lender confidence, regulatory backing, and strong infrastructure are all necessary for EV financing.
- Although early learning and flexibility are essential, turning around without traction can waste runway.
Looking Ahead
Even though Ohm Mobility is no longer on stage, its story serves as an example of the challenges and lessons discovered that have shaped the EV finance scene in India. The founders’ difficult lessons and future plans will have a bigger influence on EV and financial innovation as the industry develops.
Also Read: SocialPilot’s ₹400 Crore Exit: How a Bootstrapped Ahmedabad Startup Made Global Waves
