Ohm Daily, an EV financing startup backed by Antler and Kunal Shah, has announced its closure.

Co-founder and CEO Nikhil Nair said the company struggled to establish a scalable and sustainable business model.

Founded to solve financing challenges in the EV space, the startup initially operated as Ohm Mobility before rebranding in 2024.

It aimed to offer micro-financial products for gig workers and auto drivers by linking them with institutional lenders and NBFCs.

The company raised 3 crore rupee (US$346,692) in a pre-seed round led by Antler India, with support from Blume Founders Fund and angel investors like Kunal Shah.

It also joined Microsoft’s startup accelerator and acquired CloudNBFC to enhance loan management.

Ohm Daily partnered with IDFC, EvFin, and Ecofy to provide financing for thousands of EV drivers.

Despite these efforts and multiple pivots, it couldn’t achieve long-term viability.