Mobility fintech and Uber’s largest vehicle supply partner in EMEA, Moove has further expanded operations with launch in India.
This follows Moove’s recent fund raise of $20 million received from Absa Corporate and Investment Banking (CIB), boosting its total funding raised since inception in 2020, to over $200 million.
Providing revenue-based financing to mobility entrepreneurs and offering accessible vehicle financing exclusively to drivers on Uber’s platform, Moove has expanded beyond the African continent to Asia, starting with Indian cities such as Mumbai, Hyderabad, and Bangalore.
In what is envisaged to be one of Uber’s mega fleet partnerships in India, Moove aims to launch 5,000 CNG and electric vehicles within the first year. The company plans to scale to 30,000 vehicles over the next five years, creating sustainable work opportunities in a rapidly developing economy.
Founded in 2020, Moove was launched to democratise access to vehicle ownership. The company embeds its alternative credit scoring technology onto ride-hailing platforms and leverages proprietary performance and revenue analytics to underwrite loans to drivers who have previously been excluded from financial services. Moove provides vehicle financing to mobility entrepreneurs to purchase brand new vehicles using a percentage of their weekly revenue.
Over the past two years, Moove has enabled sustainable job creation and a path to asset ownership with its customers having completed over 5 million trips in Moove-financed vehicles across four countries. With over 600,000 drivers on Uber in India, the launch will unlock the perfect opportunity for Moove to provide accessible financing to thousands of drivers to help them become more productive and grow their businesses.
Ladi Delano, co-Founder and co-CEO at Moove, said, “As our first global expansion outside of Africa, launching in India is a very special moment for the whole Moove team.
We’re excited to be expanding our revenue-based vehicle financing model to enable the sustainable creation of jobs across the country, where there are some of the lowest vehicle ownership rates in the world, in part because of the lack of access to credit. We are delighted to be expanding our Uber partnership to solve this problem for our new customers in India.”
Binod Mishra, Regional GM for South Asia at Moove, said, “We’re looking forward to working closely with the Uber India team to roll out Moove’s innovative platform, starting in Mumbai, Hyderabad and Bangalore, and scaling up to many more cities over the next five years.”
Abhilekh Kumar, Director, Business Development, Uber India South Asia, also stated that Moove has created an innovative “rent to own” model that provides a flexible option for drivers who want to get into the business of ride-hailing without having to borrow from car owners or take bank loans to finance cars brought from dealerships.
“We are excited to partner with Moove and work together to unlock growth as we witness a resurgent post-pandemic demand in India. The addition of new cars will help provide superior customer experience to riders while creating sustainable earning opportunities for drivers on the Uber platform,” he noted.
Moove is now bringing its impact-led model to India, its first expansion outside of Africa, as part of its mission to close the finance gap for mobility entrepreneurs globally.
Moove aims to be a global leader in the electrification of ride-hailing and mobility with a commitment to ensuring that 60% of the vehicles it finances globally are hybrid or electric. India has recently set targets for improving renewable energy uptake and reducing harmful emissions by 2030, creating the perfect market opportunity for Moove to provide accessible financing for fuel-efficient and electric vehicles.