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EV financing startup Ohm Mobility shuts down operations

EntrackrEntrackr · 1m ago
EV financing startup Ohm Mobility shuts down operations
Medial

EV financing and leasing startup Ohm Mobility has announced that it is winding down operations after five years of trying to build a scalable business model. The decision was confirmed by cofounder and CEO Nikhil Nair on Linkedin, who stated that the company experimented with multiple business models but was unable to sustain growth. Founded in 2020 by Nikhil Nair, Ohm Mobility aimed to connect EV fleet operators, manufacturers, and battery companies with banks and financial institutions to help them secure capital. The company used IoT data from EVs to evaluate risk and improve financing options. In 2022, Nikhil Saigal, former executive of IT solutions provider Onfido, joined the company as co-founder and chief business officer. Ohm Mobility raised approximately Rs 5 crore from investors such as Antler India, Blume Ventures, Catalyst Fund, and several angel investors. Earlier this year, the startup rebranded to Ohm Daily to pivot towards offering financial products for gig workers and mobility professionals such as auto drivers. However, despite these efforts, the company could not achieve the desired traction.

Tiger Global-backed Toplyne shuts down operations

EntrackrEntrackr · 10m ago
Tiger Global-backed Toplyne shuts down operations
Medial

Plug-and-play platform Toplyne is shutting down operations and returning capital to investors, according to sources who spoke to Entrackr. This decision comes as a surprise, given that Toplyne had raised funding from prominent investors like Peak XV and Tiger Global. “Despite securing sizable funding, the startup struggled with scaling beyond a certain point, leading the founding team to make the decision to wind down and reach out to investors to return remaining capital,” said one of the sources requesting anonymity. Toplyne is a plug-and-play platform designed to help sales teams at product-led growth companies increase conversion rates among freemium users. Founded by Rishen Kapoor, Ruchin Kulkarni, and Rohit Khanna, this three-and-a-half-year-old startup facilitated lead conversion by integrating actionable insights directly into products, enabling companies to turn potential leads into paying customers. “After 3.5 years of building Toplyne, we’ve made the tough decision to wind down operations and return capital to our investors. Despite our best efforts, we couldn’t reach the scale or product-market fit we aimed for,” said Rishen Kapoor in a LinkedIn post. Toplyne has raised over $17 million in total capital from investors including Peak XV, Tiger Global, Surge, Together Fund, and angel investors like Kunal Shah and Harshil Mathur. According to the startup data intelligence platform TheKredible, Toplyne was valued at approximately $80 million in its latest fundraising round. Sources indicate that one of the co-founders, Rohit Khanna, exited the firm sometime last year due to differences within the founding team. Queries sent to Kapoor and Peak XV didn’t elicit any immediate response. Toplyne joins a group of startups that have shut down operations in 2024 while returning partial capital to investors. Others on this unique list include Greenik, Fashinza, Virgio, Investmint, Bluelearn, Paras Chopra-led Nintee, and Karthik Gurumurthy-led Convenio.

Paras Chopra’s Nintee shuts down, to return investors’ money

EntrackrEntrackr · 1y ago
Paras Chopra’s Nintee shuts down, to return investors’ money
Medial

Nintee, a digital health startup launched by Wingify founder Paras Chopra, has announced shutting down its operations after a year of launch. In a blog post, Chopra said that the majority of funding raised by the company is still remaining and will be returned to investors over the next few weeks. Nintee was backed by the likes of Peak XV Partners, Kunal Shah, and others. “Our original hypothesis was to use AI for helping people build better habits to transform their lives. This attracted a passionate niche, but we couldn’t build conviction that it could be a VC-scale business,” said Chopra. After abandoning the initial idea, the firm tried another pivot to explore education and learning related ideas, but Nintee team quickly discovered that building a successful consumer app today is very hard. Nintee has provided four months of severance to the impacted employees and also offered them to join Chopra’s other company VWO at the same salary. Nintee was the third company founded by Chopra after VWO and Wingify. His bootstrapped company Wingify reported back-to-back profits in the past fiscal years. Its revenue from operations increased 16.8% to Rs 223 crore in FY23 with Rs 51 crore profit after tax. Around half a dozen startups operating in India have announced shutting down their operations in the ongoing calendar year so far. The list counts Resso (India), Rario, OKX (India), Muvin and GoldPe. In 2023, more than 15 startups ceased their operations over funding and other challenges.

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