EV Services Startup Hala Mobility Gets INR 51 Cr Pre Series A Fundin

Hala Mobility, a multi-modal EV ride sharing platform, has secured INR 51 crore ($6 million) in pre-Series A fundraising through a combination of debt and equity infusion.

Srikanth Reddy and Snehith Reddy, the company’s founders, participated in the round, as did Phani Ramineni, the founder of Previa Health. Other investors include Sarthy Angels, Bestvantage, and a number of high-net-worth individuals (HNIs) and family offices.

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Hala Mobility intends to use the new funding to grow its EV fleet and enter six new cities across India, with the goal of deploying 10,000 EVs by December of 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,” Srikanth Reddy, our CEO, stated.

Hala Mobility was founded in 2020 by Srikanth Reddy, Snehith Reddy Meda, and Anand Pareek. It offers an EV-as-a-service platform for ecommerce enterprises and gig workers, as well as an app for EV, battery, and driver management.

The cleantech business provides a variety of EV choices for customers to rent, lease, or purchase.

With over 3,000 vehicles covering 132 million kilometers, the company claims to have eliminated 4,000 metric tonnes of CO₂ emissions and saved 2 million liters of fuel. Its machine learning algorithms leverage enormous data to match demand, vehicle, and battery types to specific locations and businesses, resulting in a holistic EV solution.

The organization works in six major Indian cities: Hyderabad, Bangalore, Chennai, Vizag, Vijayawada, and Guntur.

It now claims to have a fleet of 3000 electric two-wheelers in Hyderabad, Bangalore, Chennai, Vizag, Vijayawada, and Guntur, with an additional 10,000 expected in these cities.

The finding comes at a time when electric vehicle adoption has grown significantly in recent years. The Indian EV sector, which comprises both small and large businesses, is expected to generate $110.74 billion by 2029.

Many Indian EV firms, such as Ather Energy, Altigreen, BluSmart, and Exponent Energy, now provide innovative and sustainable mobility solutions.