Antler, Kunal Shah-backed EV financing startup Ohm Daily shuts down
Ohm Daily built financial products for EV drivers and gig workers, enabling daily payment-based lending by connecting them with institutional lenders and NBFCs.
Ohm Daily, formerly Ohm Mobility, is winding down operations after five years, according to co-founder and CEO Nikhil Nair.
“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,” Nair said in a LinkedIn post on Thursday. “We’re taking everything we’ve learned (especially what not to do!) and putting it to work in our next build.”
Founded to address financing and infrastructure challenges in the electric mobility space, the startup enabled EV financing for thousands of drivers and collaborated with several partners in the ecosystem.
The company later rebranded to Ohm Daily in 2024, pivoting to offer micro financial products tailored for daily earners such as auto drivers and gig workers.
It had earlier raised Rs 3 crore in a pre-seed funding round led by Antler India, with participation from Blume Founders Fund, and angel investors, including CRED founder Kunal Shah. It was also part of the Microsoft for Startups accelerator and acquired Nagpur-based CloudNBFC to strengthen its loan management capabilities.
Over the years, Ohm enabled financing for thousands of EV users and worked with financial institutions such as IDFC, EvFin, Bike Bazaar, and Ecofy. However, despite multiple pivots and experiments, the company was unable to find a scalable and sustainable business model.
“Building a startup has been the most intense, rewarding, and character-shaping experience of my life,” Nair wrote. He added that the team paid salaries on time every month and thanked investors, mentors, and team members for their support.
Nair and co-founder Nikhil Saigal now plan to focus on building a new venture.
Edited by Suman Singh