Hyderabad EV startup Hala Mobility raises $1 mn funding led by Magnifiq Securities
- ByStartupStory | May 26, 2022
Hala, a ride-sharing platform startup located in Hyderabad, has announced a $1 million funding round headed by Magnifiq Securities. The startup offers an electric ride-sharing network focused at tackling last-mile connection issues with the goal of lowering pollution, traffic congestion, and making commuting more affordable. The extra funding will be used to 5X the number of electric vehicles on the road, enhance swapping infrastructure, and study and create new product options.
Hala was founded in 2019 by Srikanth Reddy Kalakonda, Snehith Reddy Meda and Anand Pareek, began operations in 2020. Hala Mobility was a part of T-Lab32 Hub’s and T-Angel cohorts, which linked them with angel investor networks, HNIs, CXOs, and Finance VPs of significant corporations, resulting in a Magnifiq Securities investor relationship.
Srikanth Reddy, the founder and CEO of Hala said that at present, out of 10 million two-wheelers sold in India, roughly two million scooters belong to gig workers. As a result, it is critical for businesses to adopt sustainable practises that reduce their carbon impact. Hala has driven 8 million green kilometres since its inception, saving 717 tonnes of CO2, 300,000 litres of gasoline, and doing 32,000 battery swaps every month. It aspires to build the greatest ecosystem for all things EV and are grateful for the investor’s support.
Rahul, the co-founder of Magnifiq stated that Hala has showed incredible development potential in the EV area. And the promoters have a thorough grasp of the industry and the desire to develop a lucrative company plan. In addition, Hala has already saved over 717 tonnes of carbon emissions, directly contributing to environmental conservation. The contribution will become increasingly substantial in the future years, in accordance with government plans.
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