Hyderabad-based automotive tech company Hala turned profitable in FY24, with revenue more than doubling to Rs 11.84 crore, up from Rs 4.89 crore in FY23.
Founded in 2020 by Srikanth Reddy, Snehith Reddy Meda, and Anand Pareek, Hala Mobility provides electric two-wheeler rentals for e-commerce companies and gig workers, offering fleet management tools and around-the-clock service.
Hala has secured Rs 59.78 crore in funding across three rounds, with the latest investment in November 2024. The company competes with Altigreen and Yulu.
Standing at a valuation of over Rs 50 crore, Snehith Reddy Meda holds the majority shares of Hala at over 40%, with Gunreddy Nithin Reddy and Anand Pareek each holding above 5%. Magnifiq Securities Private Limited and Srinath Reddy Kalakonda are also significant shareholders in the company.
The company’s expenses rose to Rs 11.84 crore in FY24 from over Rs 5 crore in FY23, with employee benefits representing 27% of costs, followed by finance costs and depreciation at over 10% each.
After recording a loss of over Rs 20 lakh in FY23, Hala turned profitable in FY24 with Rs 7.10 lakh.
The company’s current EBITDA margin decreased to 35.82% while ROCE improved to 10.11%.