Nigerian Auto Financing Startup, Moove, Expands into India, Launches in Mumbai, Two Other Cities
Moove, Nigerian mobility fintech on Monday announced its entry into the Indian market with the launch of operations in Mumbai, Hyderabad, and Bengaluru. The three cities have a combined population of over 27 million and are the most populated cities in India.
This expansion aligns with the startup’s vision of building the world’s largest and most productive hybrid and EV fleet and expanding globally. Moove, Uber’s largest vehicle supply partner in Europe, the Middle East, and Africa, offers revenue-based financing to mobility business owners. The fintech offers auto financing through a loan that is only available to Uber drivers.
This comes on the heels of Moove’s recent $20 million fund raised from Absa Corporate and Investment Banking (CIB), bringing the firm’s revenue funding raised since its inception in 2020 to more than $200 million.
In what is expected 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 startup plans to scale to 30,000 vehicles over the next five years, creating sustainable work opportunities in a rapidly developing economy.
What Moove Stakeholders are Saying
Commenting on Moove’s first intercontinental expansion, Ladi Delano, co-founder, and co-CEO of Moove said, “This launch in India, our first outside of Africa, is a very meaningful occasion for the whole Moove team. Our revenue-based vehicle financing model will be expanded to generate long-term employment across the nation, where ownership rates are among the lowest in the world, primarily as a result of limited access to credit. To address this issue for our newest consumers in India, we are thrilled to strengthen our collaboration with Uber.”
Also commenting on the expansion, the regional director of Moove South Asia, Binod Mishra said, “We look forward to working closely with the Uber India team and launching Moove’s revolutionary platform. Over the following five years, we will gradually expand to many more cities after starting with Mumbai, Hyderabad, and Bangalore.”
While Abhilekh Kumar, Business Development Manager for Uber India South Asia on his part said, “Moove has developed an innovative “rent-to-own” model, providing drivers with a flexible choice for entering the ride-hailing industry without having to borrow a car from an owner or obtain a bank loan to fund the purchase of his automobile from a dealership. We are eager to collaborate with Moove to fully realize the growth potential that India’s post-pandemic demand awakening offers. The addition of new vehicles will improve the customer experience while giving drivers using Uber’s platform options to make a steady living.”
What Moove is Bring to India
Moove was founded in 2020 by Ladi Delano and Jide Odunsi to democratize access to automobile ownership. To provide loans to drivers who did not previously have access to financial services, the company integrates its alternative credit scoring technology with ride-hailing platforms and leverages its proprietary performance and revenue data. Entrepreneurs in the mobility industry can use Moove to finance a new car in exchange for a portion of their weekly income.
Its clients have driven over 5 million miles in four different countries using Moove-financed vehicles in the last two years. Fintech has aided in the creation of long-term jobs and the availability of asset ownership. Given that Uber has over 600,000 drivers in India, this initiative will provide Moove with an excellent opportunity to provide accessible funding to thousands of drivers, assisting them in increasing productivity and expanding their businesses.
Moove will launch its impact-driven business model in India to address the issue of insufficient funding for global mobility business owners. To establish itself as a global leader in the adoption of electric vehicles for ride-hailing and the mobility industry, the startup is committed to ensuring that 60 percent of the vehicles it finances globally are hybrid or electrical. India has announced plans to increase the use of renewable energy sources and reduce harmful emissions by 2030. This gives Moove an ideal opportunity to promote their easily accessible financing of fuel-efficient electric vehicles in the Asian country.