Hala Mobility intends to use the newly acquired funds to increase its electric vehicle (EV) fleet and launch operations in six more Indian cities, with a goal to introduce 10,000 EVs by December of the following year.
Hala Mobility, an Indian multi-modal EV ride-sharing platform, has secured INR 51 crore (approximately $6 million) in Pre-Series A funding through a combination of debt and equity. The investment round included contributions from founders Srikanth Reddy and Snehith Reddy, along with Phani Ramineni, founder of Previa Health. Sarthy Angels, Bestvantage, and various high-net-worth individuals and family offices also participated in this funding round. The company plans to use the capital to expand its EV fleet and to increase its presence in six additional cities across India, with a goal to deploy 10,000 EVs by December of the following year.
Srikanth Reddy highlighted the funding as a significant milestone in the company’s efforts to broaden its fleet of electric vehicles and to enhance its green mobility solutions in more urban areas. Established in 2020 by Srikanth Reddy, Snehith Reddy Meda, and Anand Pareek, Hala Mobility offers an EV-as-a-service platform targeting e-commerce companies and gig workers, featuring an integrated app for managing EVs, batteries, and drivers. The startup provides various EV options that customers can rent, lease, or purchase.
Hala Mobility, which currently operates over 3,000 vehicles across six major cities, including Hyderabad, Bangalore, Chennai, Vizag, Vijayawada, and Guntur, claims to have covered 132 million kilometres, reduced CO₂ emissions by 4,000 metric tons and saved 2 million litres of fuel. The company’s machine learning algorithms optimize the matching of demand, vehicle types, and battery configurations to specific locations and businesses, thereby offering tailored EV solutions.
This development aligns with the rising adoption of electric vehicles in India, a market poised to grow to $110.74 billion by 2029. Various startups, such as Ather Energy, Altigreen, BluSmart, and Exponent Energy, are contributing to this trend with innovative and sustainable mobility solutions.
