Nigerian mobility Fintech startup that provides revenue-based vehicle financing and financial services to mobility entrepreneurs, Moove, has secured $10 million in debt funding from Stride Ventures to expand operations in India.
Having entered the Indian market in 2022, the funding aims to solidify Moove’s presence in the country and extend its operations to new cities, which include Delhi, Pune, and Kolkata.
Currently, the company operates in Bengaluru, Mumbai, and Hyderabad. Moove revealed that most of its vehicles in India are registered with Uber, and the cars it has financed have completed more than 30 million trips on the ride-sharing platform. The firm aims to expand its fleet to over 5,000 cars to boost its presence in India.
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Speaking on Moove’s latest funding, regional managing director, of India and South Asia Moove, Binod Mishra said,
“Being facilitated by such a premier investor not only validates Move’s impact-driven model and growth potential but also paves the way for an additional revolving line of credit amounting to $10 million. Our vehicles have completed over 4.2 million trips, significantly impacting India’s mobility sector.
“With the robust support of Stride Ventures, we stand on the cusp of transforming vehicle ownership nationwide, propelling our mission forward”.
Also speaking, Apoorva Sharma managing partner at Stride Ventures highlighted the transformative impact of their partnership with Moove.
In his words,
“At Stride, we’re supporting companies that are crafting impact-driven models within the country, especially organizations like Moove, known globally for their inclusive business framework in the fintech and mobility industry.”
It is worth noting that in 2022, Moove launched in three supply deficit regions. The company further expanded to Hyderabad and Mumbai in July established its India headquarters in Gurgaon, Delhi in October, and further expanded to Bangalore in December.
In India, Moove competes with other firms such as OTO Capital, Revfin, Turno, and Ascend Capital.
Founded in 2020 by Jide Odunsi and Ladi Delano, Moove provides services to transportation business owners across various platforms such as ride-hailing, logistics, mass transit, and instant delivery. The company uses alternative credit sourcing technology and productivity data to achieve this.
The company currently operates in 9 markets across Africa, the Middle East, Europe, and Asia. Moove provides customers with access to vehicle financing, as well as a range of financial services that were previously inaccessible to them and their families, helping them to be more productive and successful.
The mobility company is committed to building the largest and most productive hybrid and EV fleet in the world, empowering customers with greener options and positively contributing to a more sustainable world.