Ohm Mobility offering EV financing facility raises Rs 3Cr from Antler India, others

Bengaluru-based electric vehicle financing startup Ohm Mobility has raised Rs 3 crore in a pre-seed funding round led by venture capital firm Antler India, with participation from Blume Founders.

ISN Team

03 May 2023

New Update

Bengaluru-based electric vehicle financing startup Ohm Mobility has raised Rs 3 crore in a pre-seed funding round led by venture capital firm Antler India, with participation from Blume Founders.

The round also saw participation from angel investors Sagar Gubbi (Ecoforge), Anshuman Bapna (Terra.do), Mathew Chako (Spice Route Legal), and Karishma Menon. With this, The startup aims to strengthen its technology platform to connect EV players and financial institutions.

Founded in 2020 by Oxford Alumni Nikhil Nair, Ohm Mobility helps EV companies access institutional capital and helps lenders discover, verify and deploy capital to EV companies.

Ohm Mobility says it uses a proprietary risk management tool to gather and assess data, including the health of the fleet and various other inputs, to improve credit and risk management for lenders, including banks, NBFCs, leasing companies and others.

The current EV financing market in India is estimated to be roughly $2 billion and is expected to grow to $50 billion a year market by 2030. However, data from the Electric Mobility Financiers Association of India shows that in the last year, the number of EV finance players has only grown from 4 to 13. There is a huge white space for disruptive models like Ohm to emerge and enable easy and affordable access to EV Financing in the country.

Statements:

“We are thrilled to receive support from one of the best early-stage investors in India. We are confident we have a scalable business model that is solving a core problem around financing for EV businesses. The backing from Antler and Blume Founder Fund is a great testament to our mission and what we are aiming to do at Ohm,” said Nikhil Nair.

“As EV penetration in India goes from 3% to 50% in certain categories by 2030, financing will play a crucial role in enabling this. Ohm’s approach of a tech-enabled, asset-light, end-to-end lending marketplace to enable EV buyers to digitally finance their fleets is strongly differentiated,” said Vineet Agarwal, investment director, Antler.

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electric vehicles Angel Investors Financing Antler India Ohm Mobility Blume Founders