Moove partners with Uber to launch mega fleet for ride-hailing in India
- ByStartupStory | July 26, 2022
Moove, a mobility fintech company and Uber’s largest car supply partner in EMEA as part of its global development. From its African roots, Moove, which offers revenue-based funding to mobility entrepreneurs, has moved to Mumbai, Hyderabad, and Bengaluru. The firm only provides easily accessible vehicle loans to drivers using the Uber platform.
Within the first year, Moove plans to introduce 5,000 CNG and electric automobiles. Over the following five years, the company intends to increase to 30,000 automobiles. For the purpose of expanding into new markets in Asia and Europe, Moove has raised $105 million in fresh series A2 financing.
Abhilekh Kumar, Director, Business Development, Uber India South Asia said, “Moove gives a flexible option for drivers who want to enter into the ride-hailing business without needing to borrow from car owners or take bank loans to finance automobiles bought from dealerships. As we observe a rebounding post-pandemic demand in India, We and Moove are working together to unlock growth.”
With its customers having completed over 5 million journeys in Moove-financed vehicles across four countries over the past two years, Moove has allowed sustainable employment creation and a road to asset ownership. With over 600,000 drivers using Uber in India, the launch will provide Moove the chance to offer thousands of drivers easily accessible finance.
About Moove
Moove was established in 2020 by Ladi Delano with the goal of democratising access to automobile ownership. In order to underwrite loans for drivers who were previously turned away from financial services, the company integrates alternative credit scoring technology into ride-hailing platforms and makes use of its own performance and revenue statistics. With the help of Moove, mobility entrepreneurs can finance the purchase of brand-new cars using a portion of their weekly income.
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