Hala Mobility is an app-based platform offering electric scooter services for delivery professionals that has secured Rs 51 core in its pre-series A funding round. This round was led by the firm’s founders Snehit Reddy and Srikanth Reddy, The founder of Previa Health Phani Ramineni. This round also saw the participation of Sarthy Angels, HNIs, and family offices. The startup plans to use this fresh capital to scale its fleet, enhance its platform, and expand its presence in six additional cities across India.
The Ev-as-a-service platform provides an application that allows users to locate nearby vehicles and book scooters. The startup plans to use some of this investment for working capital and market expansion. The startup offers an online platform that provides services for vehicles that can be dropped off after use anywhere within the city radius. The startup aims to launch 10,000 new electric vehicles by December last year to strengthen its presence in urban mobility with eco-friendly and sustainable solutions.
The company has raised around 1.44 million USD across five funding rounds since its inception, including $68.9k secured from Invstt in its seed funding round. This new investment shows investor’s trust in Hala Mobility’s market potential and business model. Hala Mobility also received a $121k investment in a conventional debt round from Perpetuity Capital. The Hyderabad-based startup also raised $1 million from Magnifiq securities in its pre-seed funding round.
The mobility firm works closely with various delivery platforms like Zomato, Bigbasket, and Zepto. The company offers 13 scooters with eight battery manufacturers in the partnership. The collaboration has a service network setup known as S3 stations serving as the epicenter of supply and demand. Entrackr reported. The startup faces competition from other app-based electric scooter offering platforms such as Zypp Electric and Yulu.
The startup claims to have a fleet of 3000 electric two-wheelers in India. The company offers its services across Hyderabad, Chennai, Bangalore, Vizag, Vijayawada, and Guntur in Hyderabad. The firm reported a growth of 10,000 more vehicles in these cities. The company will be using this fund to strengthen its platform, make it more reliable, and expand its services in the mobility market. Hala Mobility intends to use this amount to scale up its in-house infrastructure and advance its technology. The development came just after the mobility market saw increased investor interest.
Conclusion :
Hala Mobility is a Hyderabad-based mobility startup offering an online electric scooter subscription platform for delivery purposes. The startup got fresh capital of Rs 51 crore from its founders along with Sarthy Angels. The funding round saw the participation of HNIs and family offices. The company plans to use this amount to scale up its vehicles, meet market capital requirements, and develop its market presence.
The company aims to transform the urban mobility market with its sustainable and eco-friendly solutions. The firm works closely in partnership with Zepto, Bigbasket, and Zomato through its 13 scooters and eight battery manufacturers.
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