Bengaluru-based EV financing platform, Ohm Mobility has received ₹3 crore in a pre-seed funding round.
The round was led by Antler India, an early-stage venture capital firm, marking the firm’s first investment in the EV space in India.
The pre-seed funding round also saw participation from Blume Founders Fund and other prominent angels such as Sagar Gubbi, Anshuman Bapna, Mathew Chako, and Karishma Menon. Catalyst Fund and angel investors like Kunal Shah back the company.
The funds raised by Ohm Mobility will be used to build and scale a “first of its kind” technology platform in the EV financing sector. The technology will act as a bridge, connecting EV companies in the country with financial institutions.
“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, founder, and chief executive officer of Ohm Mobility.
The EV financing market is expected to grow from the current $2 billion per year to $50 billion per year by 2030.
Ohm Mobility has already launched its new technology platform. It is built to onboard any business in the EV market looking to raise capital from financial institutions, including OEMs, fleet operators, logistics providers, battery companies, or other EV companies.
The company 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.
“We aim to facilitate debt and leasing options to both new entrants as well existing businesses that are switching to clean mobility. At Ohm, we aim to become a one-stop shop for all EV financing needs and be an important catalyst in driving India’s clean mobility transition,” Nair added.
“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.
Ohm Mobility, founded in 2020 by Nikhil Nair, is an end-to-end EV-focused financing platform.
The company helps EV companies access institutional capital and helps lenders discover, verify and deploy capital to EV companies.
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