EV financing startup Ohm Mobility raises Rs 3 crore in pre-seed funding

Ohm will use the funds to build and scale its technology platform in the EV financing sector.

EV financing platform Ohm Mobility has raised Rs 3 crore in a pre-seed funding round led by early-stage venture capital

firm Antler India.

The round also saw participation from Blume Founders Fund and other angels such as Sagar Gubbi of Ecoforge, Anshuman Bapna of Terra.do, Mathew Chako of Spice Route Legal, and Karishma Menon of Jupiter.

The funds will be used to build and scale its technology platform in the EV financing sector, the company said in a media statement on May 2.

Founded in 2020 by Oxford alum Nikhil Nair, Ohm is an EV-focused financing platform. The technology platform which went live this April 2023 is built to onboard any business in the EV market that is looking to raise capital from financial institutions.

Ohm’s proprietary risk management tool gathers and assesses a host of data including the health of the fleet and various other inputs to improve credit and risk management for lenders.

Within its first two months of going live the platform claims to have clocked over Rs 5 crore of financing.

“The EV industry is growing and evolving very quickly, and access to appropriate capital continues to be a barrier in this sector. We truly believe there is a need for a technology platform to play a role in democratising Financing for EVs in India. We aim to facilitate debt and leasing options to both new entrants as well existing businesses that are switching to clean mobility,” said Nair in the statement.

Ohm is also backed by Catalyst Fund - a Fintech and climate finance accelerator and angel investors like Kunal Shah.

“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, Investments Director at Antler

Currently, Ohm’s client portfolio includes companies such as Race Energy (battery tech), Eveez (EV Fleet), and Hala Mobility (E-MaaS platform). Its financing products include Business Loans, Asset-backed loans and EV leasing.

Ohm partially competes with the likes of Turno and RevFin. In April, Bengaluru-based Turno raised around $13.8 million in series A funding. EV Finance player Vidyut raised around $4 million in seed funding in December of 2022.