Ride-sharing platform Hala secures $1 mn funding led by Magnifiq Securities

Hala is a 100 percent electric ride-sharing platform

FPJ Web DeskUpdated: Wednesday, May 25, 2022, 01:11 PM IST
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The fresh funds will be used to significantly increase the number of electric vehicles by 5X times, improve infrastructure for swapping, and research and develop new product offerings, the company said in a press statement. /HALA core team | HALA

Hyderabad-based startup Hala - a ride-sharing platform, today announced that it has raised $1 million, led by Magnifiq Securities.

The fresh funds will be used to significantly increase the number of electric vehicles by 5X times, improve infrastructure for swapping, and research and develop new product offerings, the company said in a press statement.

Hala is a 100 percent electric ride-sharing platform solving last-mile connectivity problems with a vision of reducing pollution, traffic congestion, and affordable commute.

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 resulted securing investor connection with Magnifiq Securities.

During the T-Angel program, Hala spent a significant time fine-tuning its business model, go to market strategy and achieved a 40 percent raise in Monthly Recurring Revenue (MRR) by the end of the cohort. This also enabled Hala to be investment-ready through pitch review, financial projections, valuation certificate, funding need estimation and equity exchange, the statement added.

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. Since the beginning of our operations, 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. We are aiming to create the largest ecosystem for all things EV and are delighted by the support provided by our investor.”

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 will continue supporting emerging startups like these that are reshaping our economy for a better and sustainable future through access to investors like Magnifiq for capital, customized mentorship and knowledge sharing from across T-Hub’s global network.”

Rahul Co-founder of Magnifiq said, “Hala has shown tremendous growth potential in the EV space.”

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