After five years of attempting to build a scalable EV financing and leasing business, Ohm Mobility is winding down operations.

Announcing the decision on LinkedIn, the company's co-founder and CEO Nikhil Nair posted, "Lost the match, but love the game. That's how I feel about my entrepreneurial journey over the last 5 years."

"We didn’t crack the model that could scale and sustain. We failed at a few business models. We kept iterating, pivoted multiple times, paid salaries on time every month, delivered value to customers/partners, and along the way, we enabled EV financing for thousands of drivers, and worked with some of the finest people in the ecosystem," he continued.

Founded in 2020, Ohm Mobility set out to bridge the gap between EV fleet operators, manufacturers, battery companies, and financial institutions, helping them access capital for growth.

The startup raised nearly Rs 5 crore from investors including Antler India, Blume Ventures, Catalyst Fund, and a group of angel investors.