Ohm Mobility, an Indian company that finances electric vehicles (EVs), has raised INR 30 million (approximately $400,000) in pre-seed funding led by Antler India, a venture capital firm. Other participants in the funding round include Blume Founders Fund and several angel investors.
The funds raised will be used to strengthen Ohm Mobility’s technology platform, which connects EV players and financial institutions. The platform enables lenders to discover, verify and deploy capital to EV companies while providing access to institutional capital for EV players in India.
Nikhil Nair, CEO of Ohm Mobility, said that access to appropriate capital continues to be a barrier in the rapidly evolving EV industry. The EV financing market in India is estimated to be around $2 billion and is expected to grow to $50 billion annually by 2030. However, data from the Electric Mobility Financiers Association of India shows that the number of EV finance players has only grown from four to thirteen in the last year.
Ohm Mobility’s innovative platform is expected to enable easy and affordable access to EV financing in the country. The company’s client portfolio includes Race Energy (battery tech), Eveez (EV fleet), and Hala Mobility (E-MaaS platform). Ohm Mobility is also backed by Catalyst Fund, a FinTech and Climate Finance accelerator, and angel investors like Kunal Shah.
Antler’s investment in Ohm Mobility marks its entry into the EV sector in India. Vineet Agarwal, Investments Director at Antler, said that financing will play a crucial role in enabling the growth of EVs in India, which is expected to see EV penetration rise from 3% to 50% in certain categories by 2030.
Overall, Ohm Mobility’s pre-seed funding round highlights the growing importance of EV financing in India and the potential for disruptive models to emerge in this space. With the backing of venture capital firms and angel investors, Ohm Mobility is well-positioned to support the growth of the EV industry in India and facilitate access to capital for EV players.
