EV Financing platform, Ohm Mobility today announced that it has raised INR 3 crore in pre-seed funding led by Antler India. The round also saw participation from Blume Founders Fund and other angels like Sagar Gubbi (Ecoforge), Anshuman Bapna (Terra.do), Mathew Chako (Spice Route Legal), and Karishma Menon.
These funds will be used to build and scale technology platform in the EV Financing sector. Ohm is also backed by Catalyst Fund, a FinTech and Climate Finance accelerator and angel investors like Kunal Shah.
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Founded in 2020 by Nikhil Nair, Ohm claims it is India’s first end-to-end EV-focused financing platform. Ohm is enabling access to institutional capital for EV players in India while enabling lenders to discover, verify and deploy capital to EV companies.
The technology platform which went live in April this year is built to onboard any business in the EV market that is looking to raise capital from financial institutions. This could be OEMs, fleet operators, logistics providers, battery companies or any other EV company.
Currently, Ohm’s client portfolio includes companies such as Race Energy (battery tech), Eveez (EV fleet), Hala Mobility (E-MaaS platform), etc. Its financing products include business loans, asset-backed loans and EV leasing.
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Data from the Electric Mobility Financiers Association of India shows that in the last year, the number of EV finance players has grown from four to 13. Within its first two months of going live, over INR 5 crore ($625 K) of financing has been facilitated via the platform, it has claimed.
Nikhil Nair, Founder & CEO, Ohm, said the platform aims to facilitate debt and leasing options to both new-entrants as well existing businesses that are switching to clean mobility. “At Ohm, our aim is to become a one-stop shop for all EV financing,” he said.