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Business EconomyPosted at: May 25 2022 1:10PM


HALA raises USD 1 million funding led by Magnifiq

Mumbai, May 25 (UNI) Hala - a ride-sharing platform on Wednesday said that it has raised USD 1 million, led by Magnifiq Securities.
Hala is a 100 per cent electric ride-sharing platform solving last-mile connectivity problems with a vision of reducing pollution, traffic congestion, and affordable commute.
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. 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 per cent 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.
Commenting on the announcement, Srikanth Reddy, Founder & CEO said, “Today, out of 10 million two-wheelers are 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.”
Rahul Co-founder of Magnifiq added - “Hala has shown tremendous growth potential in the EV space and we are positive that there are many good things in store for it in the years to come.
The promoters have a great understanding and the intent to create a profitable business model. Alongside, Hala has already saved around 717 tonnes of carbon emissions, directly contributing to the conservation of the environment. The contribution is going to be more significant in the coming years, completely in line with the Government policies. We are very happy to be a part of their ecosystem as we at Magnifiq also share the same goals - being future-ready and easing the lives of people.”
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