Bengaluru’s Ohm Mobility secures ₹3 crore in pre-seed funding led by Antler India for its EV financing platform
- ByStartupStory | May 2, 2023
Ohm Mobility, a Bengaluru-based EV financing platform, has secured ₹3 crore in a pre-seed funding round, led by Antler India. This marks Antler India’s first investment in the EV sector in India.
Ohm Mobility, an EV financing platform based in Bengaluru, has raised ₹3 crore in a pre-seed funding round. The round was led by Antler India, with participation from Blume Founders Fund, Catalyst Fund, and angel investors such as Kunal Shah, Sagar Gubbi, Anshuman Bapna, Mathew Chako, and Karishma Menon. Founded in 2020 by Nikhil Nair, Ohm Mobility is an end-to-end financing platform focused on EVs. The platform helps EV companies access institutional capital and enables lenders to discover, verify, and deploy capital to EV companies.
Ohm Mobility plans to use the funds raised to develop and expand a technology platform that will act as a bridge connecting financial institutions with EV companies in India. The company aims to create a “first of its kind” platform in the EV financing sector. “We have a scalable business model that solves a core problem around financing for EV businesses,” said Nikhil Nair, CEO and founder of Ohm Mobility. He also expressed his confidence in the company’s mission and thanked Antler India and Blume Founders Fund for their support.
According to industry projections, the EV financing market is anticipated to increase from the current $2 billion annually to $50 billion by 2030. Ohm Mobility has recently introduced its innovative technology platform that aims to assist any company operating in the EV sector to secure financing from financial institutions. The platform can be utilized by OEMs, logistics providers, fleet operators, battery firms, and other EV companies.
Ohm Mobility utilizes its own risk management software to collect and evaluate data such as the condition of the fleet and other inputs, in order to enhance credit and risk management for lenders, including banks, NBFCs, and leasing companies. “Our objective is to facilitate debt and leasing alternatives for both new entrants and existing businesses that are shifting to clean mobility. At Ohm, we aspire to become a comprehensive EV financing solution and a crucial driving force in advancing India’s transition to clean mobility,” added Nair.
Vineet Agarwal, Investment Director at Antler, expressed his confidence in Ohm Mobility’s unique approach to EV financing, stating that the company’s tech-enabled, asset-light, end-to-end lending marketplace will play a critical role in enabling the growth of EV penetration in India from 3% to 50% in certain categories by 2030.
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