Moove, a mobility fintech and Uber’s largest vehicle supply partner in EMEA, has entered India as part of its global expansion.
This African-born start-up provides revenue-based financing to mobility entrepreneurs. In its first expansion outside Africa, it has expanded to Mumbai, Hyderabad, and Bengaluru. The start-up will offer accessible vehicle financing to drivers on Uber’s platform for buying new vehicles, using a percentage of their weekly revenue.
It had recently raised $105 million in new series A2 financing to expand across markets in Asia and Europe.
Financing a shift to green mobility
In what is envisaged as one of Uber’s mega fleet partnerships in India, Moove aims to launch 5,000 CNG and electric vehicles in 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.
Ladi Delano, co-founder and co-CEO at Moove, said , “As our first global expansion outside Africa, launching in India is a 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, which has some of the lowest vehicle ownership rates in the world, in part on account 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.”
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.
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 Bengaluru, and scaling up to many more cities over the next five years.”
Abhilekh Kumar, Director, Business Development, Uber India South Asia, said, “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 resurgent post-pandemic demand in India. The addition of new cars will help provide superior customer experience to riders, while creating sustainable earnings opportunities for drivers on the Uber platform.”
Over the past two years, over 5 million trips have been undertaken in Moove-financed vehicles across four countries.
With over 600,000 drivers on Uber in India, the launch is expected to unlock the perfect opportunity for Moove to provide accessible financing to thousands of drivers, to help them become more productive and grow their businesses.
Moove aims to be a global leader in the electrification of ride-hailing and mobility, with a commitment to ensuring that 60 per cent of the vehicles it finances globally are hybrid or electric.
India 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.