[Funding alert] Ride-sharing startup Hala secures $1 mn funding

EV ride-sharing platform, Hala has raised $1 million in funding round from Magnifiq Securities.

The startup plans to use this money to increase the number of electric vehicles by 5x, improve infrastructure for swapping, and research and develop new product offerings.

Hyderabad-based Hala mobility was founded in 2019 by Srikanth Reddy, It is a 100% electric ride-sharing platform that solves last-mile connectivity problems with a view to reduce pollution, traffic congestion and economical commute.

EV bike-sharing platform Hala Mobility was a part of T-Hub’s Lab32 and T-Angel cohort, connecting them to Angel Investor Network, HNIs, CXOs and Finance VPs of leading corporates, resulting in investor tie-up with MagnificiqSecurities.

During the T-Angel program, Hala revamped its business model, went on to market strategy, and achieved 40 percent growth in the group’s end-to-end monthly recurring revenue (MRR). According to the statement, this enabled Hala to review pitches, financial projections, valuation certificates, assess funding needs and prepare for investments through equity exchanges.

“Today, out of 10 million two-wheelers sold in India, around two million scooters belong to gig workers. This makes it important for companies to adapt to sustainable measures that leave a lower carbon footprint. Since the beginning of our operations, Hala has covered 8M green kilometres saving 717 Tonnes of Co2 emissions, saving 300K litres of petrol consumption and doing 32,000 battery swaps a month. We are aiming to create the largest ecosystem for all things EV and are delighted by the support provided by our investor”, said, Srikanth Reddy, Founder and CEO of Hala mobility.

“Over the past few years, we are seeing transformational growth in autonomous technologies, electrification, and shared mobility across the globe. We will continue supporting emerging startups like these that are reshaping our economy for a better and sustainable future through access to investors like Magnifiq for capital, customized mentorship and knowledge sharing from across T-Hub’s global network”, said, MSR, CEO of T-Hub.

“Hala has shown tremendous growth potential in the EV space and we are positive that there are many good things in store for it in the years to come.  The promoters have a great understanding and the intent to create a profitable business model. Alongside, Hala has already saved around 717 tonnes of carbon emissions, directly contributing to the conservation of the environment. The contribution is going to be more significant in the coming years, completely in line with the government policies”, said, Rahul,  Co-founder of Magnifiq.

About Hala

Hala, is India’s first multi-modal ride-sharing platform. Using the app, book a vehicle of choice in 3 clicks.