Hyderabad EV startup secures $1 million funding

Hyderabad: Hyderabad-based electric ride-sharing platform Hala has announced on Wednesday that it has raised $1 million led by Magnifiq Securities. The startup is a 100 per cent electric ride-sharing platform solving last-mile connectivity problems and the fresh funds will be used to significantly increase the number of electric vehicles, improve infrastructure for swapping, and research […]

Hyderabad: Hyderabad-based electric ride-sharing platform Hala has announced on Wednesday that it has raised $1 million led by Magnifiq Securities. The startup is a 100 per cent electric ride-sharing platform solving last-mile connectivity problems and the fresh funds will be used to significantly increase the number of electric vehicles, improve infrastructure for swapping, and research and develop new product offerings.

Part of T-Hub’s Lab32 and T-Angel programme Hala Mobility has achieved a 40 per cent raise in Monthly Recurring Revenue (MRR). The programme also enabled Hala to be investment-ready through pitch review, financial projections, valuation certificate, funding need estimation and equity exchange.

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Hala Mobility founder and CEO Srikanth Reddy said, “Since the beginning of our operations, Hala has covered 8 million green kilometres saving 717 tonnes of Co2 emissions, saving 300,000 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.”

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