In its pre-Series A round, Hala Mobility raised Rs 51 crore (approximately $6 million), from its Founders, Srikanth and Snehith Reddy, Phani Ramineni, who founded Previa Health, and the Rohan Bajaj group through Bestvantage, Sarthy Angels, Invstt, and a network of family offices and high-net-worth individuals (HNIs).

According to a news statement from the company, the money raised will be utilized to increase Hala Mobility's EV fleet and spread its presence to six more Indian cities. By December of next year, the company hopes to have 10,000 new electric cars on the road, advancing its goal of transforming urban mobility through environmentally responsible and sustainable solutions.

Hala Mobility, an EV-as-a-service platform for gig workers and e-commerce businesses, was founded in 2020 by Srikanth Reddy, Snehith Reddy Meda, and Anand Pareek. Their platform consists of a fleet of electric two-wheelers that ensure 95% uptime and round-the-clock service availability, as well as an app with software for EV, battery, and driver management.

Currently, the Hyderabad-based business has partnerships with eight battery makers, 13 scooter manufacturers, including Bigbasket, Zomato, and Zepto. As the hub of supply and demand, they feature a dense service network configuration known as S3 stations.

According to Hala, the company has a fleet of 3000 electric two-wheelers in Hyderabad, Bangalore, Chennai, Vizag, Vijayawada, and Guntur, with an additional 10,000 vehicles planned for these cities.

Hala Mobility, which was incubated by T-Hub, raised $1 million from Magnifiq Securities in a pre-seed round in May 2022. The company had raised Rs 1 crore in loans from Perpetuity Capital earlier this year.