In a significant move to enhance financial accessibility for gig workers and mobility professionals, Ohm Mobility has rebranded itself as Ohm Daily. This innovative EV financing technology platform has already empowered thousands of electric vehicle (EV) users to secure institutional capital from reputable financial institutions such as IDFC, EvFin, Bike Bazaar, and Ecofy. The rebranding marks a pivotal shift in the company’s mission, focusing on addressing the unique cash-flow challenges faced by daily earners in India.
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🚀 Ohm Daily: A New Vision for Financial Inclusion
Founded by Oxford alumni and Skoll scholars Nikhil Nair and Nikhil Saigal, Ohm Daily aims to tackle a pressing issue: the misalignment between the irregular income of gig workers and their monthly financial obligations. By transitioning from a focus solely on EV financing to offering sachet-style financial products, Ohm Daily is set to provide tailored solutions that cater specifically to the needs of auto drivers and mobility workers.
Addressing Cash-Flow Challenges
Many gig workers in India struggle to secure loans from traditional financial institutions. Even when they do, the burden of large monthly payments can be overwhelming. Ohm Daily’s innovative approach allows customers to make small, daily payments that align with their income streams. This flexibility is designed to alleviate financial stress and improve overall financial management for those who rely on daily earnings.
Nikhil Nair, Co-founder and CEO of Ohm Daily, emphasizes the importance of this new model:
“Why should a driver struggle to pay ₹9,000 at the end of the month when they can break it down into manageable daily payments? Our proposition is simple: we transform all your financial obligations into manageable, daily sachet payments and simplify financial access for the informal workforce, giving them tools that align with their cash flows.”
🌟 Empowering the Informal Workforce
The rise of digital payment systems like UPI and the increasing formalization of incomes for daily earners create a perfect environment for Ohm Daily’s offerings. The company’s goal is to drive meaningful change for a historically underserved segment of the population. Financial inclusion is not just about having a bank account; it’s about ensuring that financial products and services are accessible and practical for everyone.
Scaling Operations for Greater Impact
Having processed over 120,000 micropayments during its validation phase, Ohm Daily is now poised to scale its operations. The company is leveraging the growing adoption of digital payments and the increasing financial formalization among daily earners to create a robust financial ecosystem. With a focus on the 25 million mobility workers in India, Ohm Daily plans to expand its services to reach 140 million informal workers who depend on daily income.
