Moove, a global leader in mobility, has announced the acquisition of Kovi, a leading Brazilian urban mobility provider, in an all-share transaction.
This strategic acquisition aligns with Moove’s commitment to advancing mobility and expanding its footprint in the rapidly growing Latin American market. Also, the acquisition has seen Moove’s total global fleet grow from 76 cars to 36,000 vehicles with operations in 19 cities across 6 continents.
The merger which brings together two companies focused on financial growth solutions for ride-share drivers, has propelled Moove’s annual revenue to $275 million, marking a 139% increase from the $115 million reported in March 2024.
While the financial details of the deal remain undisclosed, the acquisition is still pending approval from Brazil’s antitrust authority. Despite the merger, Kovi will continue to operate under its brand with no changes to its executive and management teams.
Speaking on the acquisition of Kovi, Co-founder and Co-CEO of Moove Ladi Delano said,
“Kovi has built an impressive business with a robust presence in Brazil, one of the most dynamic mobility markets in the world. We’re thrilled to welcome them to the Moove family. This transaction not only strengthens our footprint in Latin America and reinforces our position as a dominant player in global mobility, but it also underscores our commitment to contributing to the Brazilian economy. Kovi’s proprietary loT software and advanced driver behaviour models complement our existing capabilities, supporting our focus on safety, efficiency, and innovation in Al mobility.”
Also commenting, Adhemar Milani Neto, CEO of Kovi, said,
“Today, we stand at the forefront of a new era in mobility, and we believe that Moove has done a fantastic job at scaling their business on a global scale and with the right strategic angles. I met the founders many years back when they were scaling their business in Africa, and I was immediately impressed by their purpose-driven approach, which is also a perfect match to our culture. Together, I believe we will become a truly global category-defining business and will leverage scale and deep expertise never seen in our market. We are also excited to continue our expansion across LaTam now with robustness with such strong partners.”
Founded in 2018, Kovi has established itself as a pioneering force in making car ownership more accessible and efficient through innovative technology and financial solutions. With a robust fleet and a strong presence in Brazil and Mexico, Kovi has, demonstrated impressive growth since inception.
Its innovative approach to driver support and its strong foothold in Brazil bring significant value to Move’s global operations, strengthening its ability to expand into high growth markets and drive impactful change in mobility.
Launched in 2020, Moove is committed to building the largest and most productive hybrid and EV fleet in the world, empowering customers with greener options. Recall that in August 2023, mobility fintech, announced that it secured $76m in new funding, consisting of $28m in equity from new and existing investors, in a process led by Mubadala Investment Company (Mubadala), $10m venture debt from funds and accounts managed by BlackRock, and $38m in previously undisclosed funds raised.
The African-founded startup disclosed that it will use the funding to continue its mission to build the largest tech-driven financial services platform for mobility entrepreneurs and strengthen its position on the global stage.
Moove has gone from strength to strength since its inception. The business is Uber’s largest vehicle financing partner in EMEA and already operates the largest EV fleet by supply hours on the Uber platform in the UAE. With its latest move into Brazil and Mexico, Moove is strategically positioning itself as a dominant force in global mobility financing, driving innovation and expansion across multiple continents.
