EV-as-a-service startup Hala Mobility raises Rs 51 crore in pre-series A round

Hyderabad-based electric vehicle (EV)-as-a-service startup Hala Mobility has raised Rs 51 crore in a pre-Series A funding round led by founders Srikanth Reddy and Snehith Reddy, and Phani Ramineni, the founder of Previa Health.

The funding round also included participation from the Rohan Bajaj syndicate through Invstt, Sarthy Angels, Bestvantage, and a network of high-net-worth individuals (HNIs) and family offices.

The funding was a mix of debt and equity.

In May 2022, Hala Mobility raised $1 million in a pre-seed funding round led by Magnifiq Securities and, earlier this year, raised an additional Rs 1 crore in debt funding from Perpetuity Capital.

What does Hala Mobility do?

Founded in 2020 by Srikanth Reddy, Snehith Reddy Meda, and Anand Pareek, Hala Mobility provides an EV-as-a-service platform catering primarily to e-commerce companies and gig economy workers.

The platform offers comprehensive management software for EVs, batteries, and drivers, ensuring a 95% uptime guarantee and 24/7 service availability.

"At Hala Mobility, we're not just offering convenience but pushing for necessary change. This funding is a major milestone as we gear up to expand our EV fleet and extend our green mobility solutions to more cities," said Srikanth Reddy, Co-founder of Hala Mobility.

The startup collaborates with well-known delivery platforms such as Bigbasket, Zomato, and Zepto, facilitating last-mile logistics with their EV fleet.

The startup has partnered with 13 scooter manufacturers and eight battery producers to bolster its services. It also manages a network of S3 stations, which serve as central hubs for managing vehicle demand and supply.

Plans for expansion and future goals

Hala Mobility plans to use the newly raised capital to expand its operations to six additional cities across India.

Currently operating in Hyderabad, Bengaluru, Chennai, Vizag, Vijayawada, and Guntur, the startup aims to deploy 10,000 new electric vehicles by December next year. Currently, it operates a fleet of over 3,000 electric two-wheelers.

The expansion aligns with Hala's vision of driving sustainable urban mobility and offering eco-friendly solutions.

"The support from our investors enables us to scale rapidly and drive the shift towards cleaner, more sustainable urban transportation across India. We believe the future of mobility has to be clean and efficient, and we're here to drive that change," he added.

Investors comment

"My investment in Hala Mobility is driven by our vision of transforming mobility through sustainable solutions and the development of a complete EV life cycle management software. This platform not only supports the current fleet expansion but also opens up future applications across the EV ecosystem. I'm committed to driving this innovation and leading the shift toward a greener, tech-driven future," Phani Ramineni said.