Grace Ashiru
Moove, a pioneering vehicle financing startup based in Africa, has recently secured a significant debt funding of $10 million from Stride Ventures, a highly regarded sector-agnostic venture debt fund.
The mobility company, which made its entry into the Indian market in 2023, has announced that the new fund will play a crucial role in strengthening its presence and expanding its operations to additional cities like Delhi, Pune, and Kolkata.
Moove currently operates in Bengaluru, Mumbai, and Hyderabad in India.
According to the mobility startup, a significant portion of its vehicles in India are currently registered with Uber. Impressively, the cars that the company has financed have successfully completed over 30 million trips on the popular ride-sharing platform. In order to further establish its presence in the country, the startup has ambitious plans to expand its platform and increase the number of cars to over 5,000.
In 2023, Uber partnered with Moove to introduce around 25,000 electric vehicles to its ride-sharing platform in India. Moove has now expanded its presence to nine markets across Africa, Europe, Asia, and the Middle East.
Binod Mishra, the Regional Managing Director of Moove, discussed the remarkable expansion of the mobility company in India. He emphasized that the startup has made a significant impact on the country’s mobility industry, as evidenced by the completion of over 4.2 million trips by its vehicles.
With the unwavering backing of Stride Ventures, we are on the verge of revolutionizing vehicle ownership across the country, propelling our mission even further,” he emphasized.
Launched in 2020 by Jide Odunsi and Ladi Delano, Moove provides vehicle financing solutions for transportation business owners in the ride-hailing, logistics, mass transit, and instant delivery industries. Leveraging alternative credit sourcing technology and productivity data, Moove offers a seamless and efficient process for securing financing.
In the Indian market, Moove faces competition from OTO Capital, Revfin, Turno, and Ascend Capital.
On Wednesday, February 13, Ascend Capital, a Jaipur-based electric vehicle (EV) financing firm, made an exciting announcement. They revealed their ambitious plans to raise Rs 500 crore (~$60.2 million) over the next year and a half. This substantial amount of funding will be utilized to finance over 1 million electric commercial vehicles by the year 2030.
In a recent funding round led by Japanese GMO Venture Partners, OTO, a financing firm focused on two-wheelers, successfully raised $10 million.
