Ohm Mobility, a Bengaluru-based electric vehicle (EV) financing and leasing startup, has officially announced the closure of its operations after five years of experimentation and pivots in search of a sustainable business model.
The development was confirmed by co-founder and CEO Nikhil Nair through a heartfelt LinkedIn post, where he acknowledged the team’s persistent efforts but admitted that the company was ultimately unable to scale. “We tried multiple business models, experimented with different customer segments, and made bold pivots — but weren’t able to unlock sustainable growth,” Nair wrote.
Founded in 2020 by Nikhil Nair, Ohm Mobility set out with a mission to simplify EV financing by bridging fleet operators, OEMs, and battery companies with banks and NBFCs. The startup leveraged IoT and telematics data from electric vehicles to assess risk and enable smarter lending solutions — a model that gained attention in the early stages of India’s EV boom.
In 2022, Ohm strengthened its leadership team by onboarding Nikhil Saigal, a former Onfido executive, as co-founder and Chief Business Officer. Together, they attempted to expand the company’s offerings and deepen its market footprint.
Ohm Mobility raised around ₹5 crore in funding from prominent early-stage investors including Antler India, Blume Ventures, Catalyst Fund, and several angel investors. Despite strong backing and a compelling vision, the company faced challenges in navigating an evolving and capital-intensive EV ecosystem.
Earlier in 2025, the company rebranded itself as Ohm Daily to reposition its focus on gig workers and mobility professionals like auto-rickshaw drivers. This pivot involved developing tailored financial products to support the livelihoods of last-mile service providers — but the shift failed to deliver meaningful traction.
The closure of Ohm Mobility adds to the growing list of Indian startups that have shut shop this year, including Altigreen, Blip, ANS Commerce, O’Be Cocktails, and Subtl.ai. The wave of shutdowns highlights the sobering reality of startup life in a funding-constrained and fiercely competitive environment.
While Ohm Mobility may be winding down, the team’s learnings and innovations are likely to inspire future ventures in the climate-tech and fintech space.
