With the help of the Rohan Bajaj syndicate, Sarthy Angels, Bestvantage, a network of high-net-worth individuals (HNIs), and family offices, as well as the founders Srikanth and Snehith Reddy and Phani Ramineni (founder of Previa Health), the EV-as-a-Service platform Hala Mobility has raised Rs 51 crore (roughly $6 million) in its pre-Series A round.
According to a press release from the company, the money raised will be utilized to increase Hala Mobility’s EV fleet and spread its presence to six more Indian cities. By December of next year, the company hopes to have 10,000 new electric cars on the road, advancing its goal of transforming urban mobility through environmentally responsible and sustainable solutions.
Hala Mobility, which was founded in 2020 by Srikanth Reddy, Snehith Reddy Meda, and Anand Pareek, offers an EV-as-a-service platform for gig workers and e-commerce businesses. A fleet of electric two-wheelers with a 95% uptime guarantee and 24/7 service availability are part of their platform, which also includes an app with software for EV, battery, and driver management.
The Hyderabad-based startup is currently collaborating with eight battery manufacturers, 13 scooter manufacturers, and Bigbasket, Zomato, and Zepto. Their dense service network configuration, known as S3 stations, acts as the hub for supply and demand.
According to Hala, the company has a fleet of 3000 electric two-wheelers in Hyderabad, Bangalore, Chennai, Vizag, Vijayawada, and Guntur, with an additional 10,000 vehicles planned for these cities.
Hala Mobility, which was incubated by T-Hub, raised $1 million from Magnifiq Securities in a pre-seed round in May 2022. The company also raised Rs 1 crore in debt from Perpetuity Capital earlier this year.
