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Ohm Daily Shuts Down After Five-Year Run in EV Financing and Micro-Lending Space

• ByStartupStory     |    July 26, 2025

EV financing startup Ohm Daily, formerly known as Ohm Mobility, has officially shut down operations after a five-year journey in India’s evolving electric mobility and financial services sector. The announcement was made by co-founder and CEO Nikhil Nair in a heartfelt LinkedIn post on Thursday, marking the end of a startup that sought to bridge critical gaps in EV financing and daily earner financial access.

“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,” wrote Nair. “We’re taking everything we’ve learned (especially what not to do!) and putting it to work in our next build.”

From EV Financing to Micro-Lending for Daily Earners

Founded in 2019, Ohm initially focused on enabling financing and infrastructure support for electric vehicle drivers and fleet operators. The startup worked with a number of partners across the EV ecosystem and facilitated loans for thousands of users. To strengthen its backend capabilities, Ohm acquired Nagpur-based CloudNBFC, enhancing its loan management system and technology stack.

In 2024, the company underwent a strategic rebranding to Ohm Daily, reflecting a pivot toward offering micro financial products to daily earners—particularly gig workers, auto drivers, and others in the informal economy. The new approach aimed to offer tailored, accessible financial solutions to underserved communities.

Investor Support and Accelerator Participation

Ohm Daily 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. The startup was also part of the Microsoft for Startups accelerator program, a platform that helped support early-stage tech ventures with infrastructure and mentorship.

Despite the backing and multiple business model iterations, Ohm struggled to find sustainable product-market fit. Over the years, it partnered with financial institutions like IDFC, EvFin, Bike Bazaar, and Ecofy—but the unit economics and operational scale required to build a profitable, long-term business remained elusive.

A Graceful Exit and Lessons Ahead

While winding down, Nair emphasized the values that guided Ohm’s journey, including integrity and responsibility. “We paid salaries on time every month,” he noted, adding appreciation for investors, mentors, and the team that stood by the company.

“Building a startup has been the most intense, rewarding, and character-shaping experience of my life,” Nair said.

Nair and co-founder Nikhil Saigal now plan to move forward and begin work on a new venture, armed with the learnings from Ohm’s half-decade in a high-potential but complex space.

Ohm Daily’s closure highlights the challenges startups face in navigating the intersection of mobility, finance, and informal workforce needs—an area still ripe for innovation and scale.

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