In a surprising turn of events, Ohm Daily, an electric vehicle (EV) financing startup formerly known as Ohm Mobility, has announced the closure of its operations after a five-year run in India's rapidly evolving EV sector. The Bengaluru-based company, backed by prominent investors like Antler India and Kunal Shah, aimed to revolutionize financing for EV drivers and gig workers by connecting them with institutional lenders and NBFCs.
Founded with a mission to bridge the gap between India's EV ecosystem and financial institutions, Ohm Daily offered innovative daily payment-based lending solutions. Despite raising ₹3 crore in a pre-seed funding round led by Antler India in 2023, the startup struggled to scale its business model, facing persistent challenges and undergoing several pivots over the years.
Co-founder and CEO Nikhil Nair expressed his sentiments on the shutdown, stating, 'Lost the match, but love the game.' This reflects the passion behind the venture, even as it failed to achieve the desired growth in a competitive and capital-intensive market like EV financing.
The closure of Ohm Daily highlights the broader challenges faced by startups in the EV financing space, where scalability and profitability remain elusive for many. Industry experts point out that high operational costs, regulatory hurdles, and the need for substantial capital investment often hinder growth in this sector.
While the shutdown marks the end of Ohm Daily's journey, it also serves as a reminder of the risks and uncertainties in the startup ecosystem, even for ventures with strong backing. The company's efforts to support EV adoption through accessible financing will be remembered as a bold step toward sustainable mobility in India.
As the Indian startup landscape continues to evolve, the story of Ohm Daily underscores the importance of adaptability and resilience. The lessons learned from this venture may inspire future entrepreneurs to tackle the challenges of the EV financing market with renewed strategies and innovation.
Alfred Lee
