Nigerian Moove is set to get $10 million for expansion into India. African vehicle financing startup, Moove has secured debt funding of $10 million from Stride Ventures, a sector-agnostic venture debt fund.
Nigerian Moove is set for Expansion into India
The mobility company that expanded into India back in 2023 reveals that the new fund will allow it to strengthen its presence in the region and therefore expand operations to new cities such as Pune, Kolkata, and Delhi. The firm has stated that its operations in India are at the moment in Bengaluru, Mumbai, and Hyderabad.
According to the mobility startup, the majority of its vehicles in India are registered with Uber, and these financed cars have collectively completed over 30 million trips on the ride-sharing platform. To further solidify its presence in the country, the company plans to expand its fleet to over 5,000 vehicles.
Uber Partnered With Moove In 2023
In a significant move towards promoting sustainable transportation, Uber partnered with Moove in 2023 to deploy approximately 25,000 electric vehicles on its ride-sharing platform in India. Moove, which now operates in nine markets across Africa, Europe, Asia, and the Middle East, aims to revolutionize the mobility industry with its innovative solutions.
Binod Mishra, Moove’s Regional Managing Director, highlighted the startup’s remarkable growth in India, emphasizing its substantial impact on the country’s mobility sector. With over 4.2 million trips completed by its vehicles, Moove has emerged as a key player in shaping India’s evolving transportation landscape.
“With the robust support of Stride Ventures, we stand on the cusp of transforming vehicle ownership nationwide, propelling our mission forward,” he stated.
What You Need To Know About Moove
Launched in 2020 by Jide Odunsi and Ladi Delano, Moove provides vehicle financing services to transportation business owners operating across various sectors, including ride-hailing, logistics, mass transit, and instant delivery platforms. The company utilizes alternative credit sourcing technology and productivity data to facilitate access to financing for its clients.
Moove’s Challenges in the Indian Market
In the Indian market, Moove faces competition from several other firms offering similar services, including OTO Capital, Revfin, Turno, and Ascend Capital.
Recently, on Wednesday, February 13, Ascend Capital, a Jaipur-based firm specializing in electric vehicle (EV) financing, announced its intention to raise Rs 500 crore (approximately $60.2 million) over the next eighteen months. This funding will be used to finance more than 1 million electric commercial vehicles by the year 2030.
Other News from Similar Companies
Additionally, OTO, a financing company focused on two-wheelers, recently secured $10 million in funding in a round led by Japanese GMO Venture Partners. This investment highlights the growing interest in the Indian market for financing solutions tailored to the transportation sector.
MORE RELATED POSTS
- 5 Ways to Build Credit with No Credit History
- Max Planck India Mobility Grants: Unlocking Opportunities for Collaborative Research
- Business Credit Card vs Small Business Loan for Your Venture
- Demystifying compulsory Insurance under the Motor Vehicle Act-1988
- Finally, the US Postal Service’s New Electric Vehicles Are Here
