The five-year outdated startup did not scale the enterprise regardless of quite a few pivots in its journey, its cofounder and CEO Nikhil Nair stated

Ohm Mobility, based by Nair in 2020, related EV fleet operators, producers and battery firms with banks and different monetary establishments to assist the previous safe capital

The startup raised round INR 5 Cr in its run time from notable buyers like Antler India, Blume Ventures, Catalyst Fund, and some angel buyers

Including on to the string of startup shutdowns, EV financing and leasing startup Ohm Mobility is now winding down its operations. The five-year outdated startup did not scale the enterprise regardless of quite a few pivots in its journey, its cofounder and CEO Nikhil Nair stated.

“Whereas we didn’t crack the mannequin that would scale and maintain, we bought a front-row seat to what works, what doesn’t, and why. We failed at a number of enterprise fashions, however now perceive their ins and outs deeply,” Nair stated in a LinkedIn submit.

Ohm Mobility, based by Nair in 2020, related EV fleet operators, producers and battery firms with banks and different monetary establishments to assist the previous safe capital. Nikhil Saigal, former government of IT options supplier Onfido, joined the startup because the second cofounder and CBO in 2022. 

The startup used information (IoT information) from EVs to know and scale back the dangers related to financing, making it simpler for monetary establishments to supply them credit score. 

Ohm Mobility raised round INR 5 Cr in its run time from notable buyers like Antler India, Blume Ventures, Catalyst Fund, and some angel buyers.

In step with the point out of enterprise pivots by the cofounder, Ohm Mobility just lately rechristened to Ohm Day by day to give attention to offering monetary merchandise for every day earners, significantly gig employees and professionals within the mobility sector (like auto drivers). 

Ohm Mobility didn’t file its monetary statements with MCA for any monetary 12 months since its inception.

Notably, this isn’t the primary new-age tech firm to close store this 12 months. In June, Inc42 reported that three-wheeler EV producer Altigreen was near winding down its operations because of a funding crunch because it noticed an underwhelming response from the market. Moreover, Log9 and BluSmart additionally noticed tumultuous downfall in latest months. 

Two early stage startups, fast commerce enterprise Blip and AI startup subtl.ai, additionally shut operations just lately because of failure to scale and lack of investor curiosity.