Bengaluru-based Ohm Mobility acquires loan management software firm CloudNBFC
Ohm is building a tech platform that aims to modernise the way vehicles and EVs are financed and managed across the emerging markets. In a statement, the company said that this deal puts it in a strong position to grow, and become a leader in the segment.
Bengaluru-based Ohm Mobility, a fintech and clean transportation startup founded in February 2020, has acquired a Nagpur-based company,that develops loan management systems for financiers.
“While the government aims for EV adoption on a big scale, financing of EV remains one of the biggest challenges. Ohm's tech platform is trying to make financing of EVs easier for lenders,” said Nikhil Nair, CEO and Founder,.
Nair is an Oxford University graduate and has deep experience in building and growing fintech and energy businesses in the Middle East, Africa and India. He previously worked with the founding team of M-PESA in Kenya.
Speaking of the acquisition, Nair added,
“At Ohm, we believe the future of transportation will be clean, connected and shared. We are building a tech platform and consumer app to enable this future. In February 2021, we acquired a fintech focused software company building LMS. Together, we have put ourselves in a strong position to become a leader in this new and upcoming segment.”
According to a Reserve Bank of India data, during 2019 vehicle lending was about Rs 4.7-lakh crore. These loans were mostly disbursed for the conventional internal combustion engine vehicles while EV makes up under 1 percent of the motor vehicles on India’s roads. Some 40 lakh automobiles are sold every year in the country and of this, only about one-fourth of them are purchased outright – the other 75 percent are financed.
Ohm is building a tech platform that will enable this shift. The company's first product combines digital payments, IoT data (from the vehicle) and data science to help financiers/NBFCs reduce cost and modernise lending.
Rahul Dupare and Omik Dahat, Co-founders of CloudNBFC, said, “We are excited to join Ohm’s journey and further develop our product to finance connected and clean transportation.”
Ohm is part of the 'Microsoft for Startups' accelerator program, and claims to be backed by world-class advisors and angel investors.
Edited by Anju Narayanan