Mobility fintech firm Moove raises $10 million in debt round from Stride Ventures

• ByStartupStory     |    February 14, 2024

Mobility fintech firm Moove has successfully secured $10 million in a debt funding round from Stride Ventures, marking its first external debt funding in India.

The funding will be instrumental in bolstering Moove’s footprint in the country, with plans to expand into key cities such as Delhi, Pune, and Kolkata. This expansion drive includes increasing its fleet size to over 5,000 vehicles.

Moove, headquartered in Gurugram, has already made significant strides since its inception in 2020, establishing a strong presence in Bengaluru, Mumbai, and Hyderabad.

Founded by Binod Mishra, Moove has been at the forefront of revolutionizing global mobility by integrating alternative credit-scoring technology into ride-hailing platforms. This innovation allows Moove to offer loans to customers who have traditionally been excluded from mainstream financial services.

With operations spanning across 9 markets in Africa, the Middle East, Europe, and Asia, Moove boasts of being Uber’s vehicle supply partner in EMEA and its largest global fleet partner. To date, over 30 million trips have been completed in Moove-financed vehicles worldwide.

The latest funding round signifies a significant milestone for Moove as it continues to drive innovation and accessibility in the mobility sector.

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