Hyderabad: In a boost to the growing EV industry in India, ride-sharing platform Hala has announced that it has raised USD 1 million, led by Magnifiq Securities.
Hala is a 100% electric ride-sharing platform solving last-mile connectivity problems with a vision of reducing pollution, traffic congestion, and affordable commute. The fresh funds will be used to significantly increase the number of electric vehicles by five times, improve infrastructure for swapping, and research and develop new product offerings.
The Hydereabad start-up spent a significant time fine-tuning its business model and achieved a 40% raise in Monthly Recurring Revenue (MRR) by the end of the cohort. Commenting on the announcement, Srikanth Reddy, founder and CEO said, “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.”
He added that since the beginning of the startup, 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.
MSR, CEO of T-Hub said, “Over the past few years, we are seeing transformational growth in autonomous technologies, electrification, and shared mobility across the globe. We congratulate T-Angel cohort startup Hala on achieving this important milestone in their growth journey and we are glad to have paved this path of growth.”
Rahul Co-founder of Magnifiq added, “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. The contribution is going to be more significant in the coming years, completely in line with the Government policies. We are very happy to be a part of their ecosystem as we at Magnifiq also share the same goals – being future-ready and easing the lives of people.”
Hala was founded in 2019 by co-founders Srikanth Reddy Kalakonda, Snehith Reddy Meda, and Anand Pareek. It began operations in 2020 and has since taken active steps in reducing the carbon footprint in over five different cities, namely Mumbai, Vizag, Pune, Hyderabad, and Chennai.
Hala was founded in 2019 by co-founders Srikanth Reddy Kalakonda, Snehith Reddy Meda, and Anand Pareek. It began operations in 2020 and has since taken active steps in reducing the carbon footprint in over five different cities, namely Mumbai, Vizag, Pune, Hyderabad, and Chennai. They have taken a holistic approach to bring about a change in sustainability.