Ohm Mobility, a startup focused on clean transportation, has acquired CloudNBFC, a Nagpur-based firm that develops management software for financiers.
In a statement, Bengaluru-based Ohm Mobility said it has acquired CloudNBFC with the intention of enhancing its technological infrastructure to make electric vehicle (EV) financing easier for lenders.
The two companies did not disclose the financial details of the transaction.
“At Ohm, we believe that the future of transportation will be clean, connected and shared. We are building a tech platform and consumer app to enable this future,” said Nikhil Nair, company founder and CEO.
Ohm Mobility, operated by Ohm Mobility Pvt. Ltd, was set up by Nair last year. An alumnus of Oxford University, Nair has expertise in the financial technology and energy sectors in regions including India, West Asia and Africa. He previously worked as an executive for M-KOPA Solar, an energy-focused fintech based in Kenya.
Ohm Mobility says its platform aims to modernise the processes through which vehicles and EVs are managed and financed across emerging markets. Its first module combines digital payments, internet of things (IoT) data from vehicles and data science to help banks reduce lending costs.
According to VCCEdge, Ohm Mobility last year raised an undisclosed amount from an angel investor. The company is also part of the Microsoft for Startups accelerator programme.
CloudNBFC was set up by Rahul Dupare and Omik Dahat. According to its website, the company says it helps customers scale their loan management software as they grow their business. It provides software for several types of financing, including auto, personal and home loans.
Its platform has also incorporated an application programming interface and IoT-ready capabilities to facilitate easier data sharing and collections.