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Kapil K
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July 23, 2023
OHM Mobility
BUSINESS SYNOPSIS:
As the current decade demands the need and advent of different types of Electric Vehicles (EV) for diverse purposes (Commercial, Passenger, Logistics etc), there is a collective vision to replace the current era of combustion
vehicles with EV’s harnessing a global goal of reducing the carbon footprint to secure the health of our ecosystem across the world. Hence, there is a
pressing need to help and promote the entrepreneurs in the Electric Vehicle (EV) industry in their journey, to flourish without facing any major hurdle.
OHM Mobility is one such early stage startup with a mission to ease the process of acquiring debt financing working capital needs to create and establish successful EV Business Ventures in India. They aim to be the backbone of the EV businesses being created within India in the coming decades.
PROBLEM STATEMENT THE COMPANY RESOLVES TO SOLVE:
Creation of a successful Electric Vehicle Business involves an asset heavy business model and requires hefty financing requirements through the production cycle.
Presently, as creative entrepreneurs are trying to acquire capital for their EV based ventures from institutional lenders like NBFCs, Banks etc, The loan disbursement lifecycle presents a plethora of problems for the EV business owners due to the following reasons:a) The process required to obtain loan from each bank is different
b) The documentation required to be submitted for each bank is different
c) Lack of visibility of application status, deal terms etc.
d) Comparison of terms among different institutions is a time consuming process
Presently, as creative entrepreneurs are trying to acquire capital for their EV based ventures from institutional lenders like NBFCs, Banks etc, The loan disbursement lifecycle presents a plethora of problems for the EV business owners due to the following reasons:
The entire process leads to inefficient use of the entrepreneurs time and focus as they go through various formalities of different institutions and yet do not have an option to view the status with these institutions they reach out to.
SOLUTION:
Understanding the core of the financing problems faced by the EV industry creators, OHM Mobility aims to solve this problem in an efficient manner by creating a technology enabled platform focusing on debt financing that acts as a concrete bridge with structured steps between all important stakeholders like startups who require money and financial institutions providing debt with a vision to earn a decent interest.