SUMMARY
- Hala Mobility secured ₹51 Cr pre-series A funding to expand its EV fleet and city presence.
- The company operates 3,000 EVs across six cities and plans 10,000 more by next December.
- Hala Mobility’s platform optimizes EV usage, saving 2M liters of fuel and reducing emissions.
With a combination of debt and equity injection, multimodal EV ridesharing platform Hala Mobility has obtained ₹51 crore ($6 Million) in pre-series A funding. To deploy 10,000 EVs by December of next year, the business plans to use the fresh funding to grow its EV fleet and enter six more Indian cities.
Along with Phani Ramineni, the founder of Previa Health, the company’s founders Srikanth Reddy and Snehith Reddy participated in the financing. Bestvantage, Sarthy Angels, and several family offices and high-net-worth individuals (HNIs) are other investors.
Founder Srikanth Reddy stated, “This funding is a major milestone as we gear up to expand our EV fleet and extend our green mobility solutions to more cities.”
Srikanth Reddy, Snehith Reddy Meda, and Anand Pareek-led Hala Mobility was founded in 2020. The business offers an EV-as-a-service platform with an app for managing EVs, batteries, and drivers for gig workers and e-commerce businesses. Customers can purchase, rent, or lease a variety of EV alternatives from the cleantech business.
With operations in Hyderabad, Bangalore, Chennai, Vizag, Vijayawada, and Guntur, the company is present in six major Indian cities. It has a fleet of 3000 electric two-wheelers and an additional 10,000 vehicles are planned for these cities.
The company claims to have saved 2 million liters of fuel and 4,000 metric tonnes of CO₂ emissions from more than 3,000 automobiles that have traveled 132 million kilometers. By matching demand, vehicle, and battery types to particular places and organizations, its machine-learning algorithms leverage vast data to provide a holistic electric vehicle solution.
For the financial year ending on 31 March 2023, the firm reported an operating revenue range between ₹1 crore to ₹100 crore, with an impressive EBITDA increase of 2510.35% over the previous year. The company’s authorized share capital stands at ₹3.00 crore, while the total paid-up capital is ₹2.51 crore.
