Ohm Mobility raises Rs 3 crores. Ohm Mobility is a Bengaluru-based platform that offers end-to-end EV finance. Antler India led the pre-seed round of funding. Blume Founders Fund, along with other angels such as Sagar Gubbi from Ecoforge, and Anshuman Bapa of Terra.do and Mathew Chako from Spice Route Legal and Karishma Menon also participated in the round.
The funds will go towards building and scaling a technology platform that is a first in its field for the EV Financing industry. Ohm’s platform will serve as a bridge connecting EV players to a variety of financial institutions. Ohm has also been backed by Catalyst Fund – a FinTech as well as Climate Finance – and angel investors such as Kunal Shah.
Nikhil Nair said that the fundraising was a success. “We’re confident we have a business model which is scalable and solves a core issue around financing for electric vehicle businesses. Antler and Blume Founder Fund’s support is a testament to what Ohm is trying to achieve. Access to capital is a major barrier to the EV sector, which is rapidly growing and evolving. We believe that a technology platform is needed to democratise the Financing of EVs in India. We want to provide debt and leasing options for both new businesses as well as existing companies that are making the switch to clean mobility. Ohm’s goal is to be a one-stop shop that can meet all EV financing requirements and be a catalyst for India’s clean transportation transition.”
Antler has entered the EV market in India with its investment in Ohm. Vineet Agarwal, Investments director at Antler, said that “the financing would be crucial to enabling India’s EV penetration, which is expected to increase from 3% in some categories up to 50% by 2030. Ohm’s end-to-end lending platform, which is asset-light and tech-enabled, allows EV buyers to digitally fund their fleets. Nikhil and his team are mission-driven individuals who have a thorough understanding of the EV market. There is no other marketplace of this type in India, and we’re thrilled to support Nikhil and Ohm in their journey.”
Ohm enables access to institutional financing for electric vehicle (EV), players in India while helping lenders discover, verify, and deploy capital into EV companies. The platform, which was launched in April 2023 and is designed to be used by any EV business that wants to raise money from financial institutions.
Ohm offers a variety of financing options, including Business Loans and Asset-backed Loans. Investment partners include NBFCs and Banks as well as Leasing Companies and Fintechs. According to a press release, within its first two months of being live, Ohm’s platform has facilitated over Rs 5 Crores in financing.
