E-Ride Bike Sharing Start-Up, Hala Raises USD 1 Million In Funding
Founded in 2019, e-ride-sharing start-up, Hala has announced that it has raised USD 1 million in funding led by Magnifiq Securities. The company says the funds raised will be used to increase the number of electric vehicles by five times, improve swapping infrastructure, and research and development of new product offerings.
Hala is a 100 percent electric ride-sharing platform that solves last-mile connectivity problems. The company began its operations in 2020 and is currently present in over five different cities, namely Mumbai, Vizag, Pune, Hyderabad, and Chennai.
Commenting on the announcement, Srikanth Reddy, Founder & CEO of Hala Mobility, said, “Today, out of 10 million two-wheelers sold in India, around two million scooters belong to gig workers. Since the beginning of our operations, Hala has covered 8M green km, saving 717 Tonnes of Co2 emissions, saving 300K litre of petrol consumption and doing 32,000 battery swaps a month. We aim to create the largest ecosystem for all things EV and are delighted by the support provided by our investor.”
Hala Mobility was a part of T-Hub’s Lab32 and T-Angel cohort, which connected them with angel investor networks, HNIs, CXOs and Finance VPs of the leading corporates, which secured investor connection with Magnifiq Securities.
