Ohm Mobility shuts down after 5 years; founder says, 'Lost the match, but love the game'

Ohm Mobility, a startup aiming to bridge India’s EV ecosystem with financial institutions, has officially shut down its operations after a five-year journey marked by pivots and persistent challenges in scaling.

Co-founder and CEO Nikhil Nair confirmed the closure in a recent LinkedIn post, acknowledging that the startup failed to find a sustainable business model despite “a front-row seat” to the sector’s intricacies.

“Lost the match, but love the game,” Nair wrote.

“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. For these hard knocks early in the journey, in strange ways, I’m grateful,” he wrote, reflecting on the startup’s evolution and eventual wind-down.

Founded in 2020, the Bengaluru-based startup sought to address one of the critical friction points in India’s EV landscape—access to capital. Ohm Mobility connected EV fleet operators, manufacturers, and battery suppliers with banks and financial institutions, leveraging vehicle IoT data to evaluate creditworthiness and reduce financing risks.

In 2022, the startup brought on Nikhil Saigal, a former executive at Onfido, as cofounder and chief business officer. Together, the founders experimented with models designed to make EV financing more accessible and less risky for lenders, an ambition that attracted early-stage backers including Antler India, Blume Ventures, Catalyst Fund, and a network of angel investors. Ohm raised approximately Rs 5 crore ($600,000) over its lifetime.

Despite the initial momentum, the startup struggled to achieve product-market fit. In a bid to realign with a more tangible market segment, it rebranded last year as “Ohm Daily,” shifting focus toward providing financial products for gig economy workers and daily earners, including auto-rickshaw drivers and mobility professionals. But the pivot did not translate into sustained traction.

“This chapter didn’t end the way we’d hoped, but my co-founder Nikhil Saigal and I are excited about what’s next. We’re taking everything we’ve learned (especially what not to do!) and putting it to work in our next build. For now, we’re back to a focused 0→1. More on that soon,” Nair added.