 "Ohm Mobility")
Ohm Mobility, which finances electric vehicles (EV), has raised Rs 3 crore in pre-seed funding led by venture capital firm Antler India.
The round also saw participation from Blume Founders Fund and angel investors Sagar Gubbi (Ecoforge), Anshuman Bapna (Terra.do), Mathew Chako (Spice Route Legal), and Karishma Menon. Ohm Mobility will use the money to strengthen what it said was the first technology platform to connect EV players and financial institutions.
Ohm, which was founded in 2020 by Nikhil Nair, enables access to institutional capital for EV players in India while enabling lenders to discover, verify and deploy capital to EV companies.
“The EV industry is growing and evolving very quickly, and access to appropriate capital continues to be a barrier in this sector,” said Nair, chief executive officer of Ohm.
The EV financing market in India is estimated to be roughly $2 billion and is expected to grow to $50 billion a year by 2030. However, data from the Electric Mobility Financiers Association of India shows that in the last year, the number of EV finance players has only grown from 4 to 13. There is a huge white space for disruptive models like Ohm to emerge and enable easy and affordable access to EV Financing in the country.
The funding in Ohm marks Antler’s entry into the EV sector in India. “As EV penetration in India goes from 3 per cent to 50 per cent in certain categories by 2030, financing will play a crucial role in enabling this,” said Vineet Agarwal, Investments Director at Antler.
Ohm’s client portfolio includes companies such as Race Energy (battery tech), Eveez (EV Fleet) and Hala Mobility (E-MaaS platform). The company is also backed by Catalyst Fund - a FinTech and Climate Finance accelerator and angel investors like Kunal Shah.
