Hala Mobility Bags INR 51 Cr To Expand Its EV Fleet

Multi-modal EV ride sharing platform Hala Mobility has secured Pre Series A funding of  INR 51 Cr ($6 Mn)  in a mix of debt and equity infusion. 

The round saw participation from the company’s founders Srikanth Reddy and Snehith Reddy, along with Previa Health’s founder Phani Ramineni. Other investors include Sarthy Angels, Bestvantage and host of high-net-worth individuals (HNIs) and family offices.

Hala Mobility looks to deploy the fresh capital to scale up its EV fleet and expand into six additional cities across India, aiming to deploy 10,000 EVs by December next year.

“This funding is a major milestone as we gear up to expand our EV fleet and extend our green mobility solutions to more cities,” said Srikanth Reddy. 

Founded in 2020 by Srikanth Reddy, Snehith Reddy Meda, Anand Pareek, Hala Mobility provides an EV-as-a-service platform for ecommerce companies and gig workers, with an app for EV, battery, and driver management. 

The cleantech startup offers a range of EV options for customers to rent, lease, or buy.

With over 3,000 vehicles covering 132 Mn km, the company claims to have reduced 4,000 metric tonnes of CO₂ emissions and saved 2 Mn liters of fuel. Its ML algorithms use extensive data to match demand, vehicle, and battery types to specific locations and businesses, offering a comprehensive EV solution.

The company operates in six major Indian cities such as Hyderabad, Bangalore, Chennai, Vizag, Vijayawada, and Guntur. 

It currently claims to have a fleet of 3000 electric two-wheelers in Hyderabad, Bangalore, Chennai, Vizag, Vijayawada, and Guntur in Hyderabad, with a further growth of 10,000 more fleet within these cities.

The development comes at a time when adoption of EVs has gained significant traction over the past few years. The Indian EV market, which includes a mix of small and large startups, is projected to reach $110.74 Bn by 2029. 

Many Indian EV startups, including Ather Energy, Altigreen, BluSmart, and Exponent Energy, have now offering innovative and sustainable mobility solutions.

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