Nigerian start-up Moove Monday announced its entry into the Indian market with the launch of operations in Mumbai, Hyderabad and Bengaluru as part of the company’s global expansion plan.
The company, also Uber’s largest vehicle supply partner, provides revenue-based financing to mobility entrepreneurs and will be setting up in those cities to provide accessible vehicle financing to driver partners on the Uber platform.
The company claims that as part of its objective to eliminate the global finance gap for mobility entrepreneurs, it is now extending its impact-led strategy to India, its first overseas growth.
Numerous drivers will be able to find employment thanks to Moove’s revolutionary approach, which involves launching 5,000 electric vehicles (EV) on the road within the first year, with the intent of scaling to 30,000 vehicles and becoming Uber India’s mega-fleet partner across 300 cities over the next five years.
Ladi Delano, co-founder and co-CEO at Moove, said:
As our first global expansion outside of Africa, launching in India is a very special moment for the whole Moove team. We’re excited to be expanding our revenue-based vehicle financing model to enable the sustainable creation of jobs across the country, where there are some of the lowest vehicle ownership rates in the world, in part because of the lack of access to credit. We are delighted to be expanding our Uber partnership to solve this problem for our new customers in India.
Related story: Moove goes global, raising $105m in Series A2 funding round
The choice of India
India has recently set targets for improving renewable energy sources and lowering harmful emissions by 2030, which presents Moove with the ideal market opportunity to offer accessible finance for fuel-efficient and electric vehicles.
With a promise to guarantee that 60% of the vehicles it finances internationally be hybrid or electric, the firm claims that this would help it realise its goal of becoming a global leader in the electrification of ride-hailing and mobility.
We’re looking forward to working closely with the Uber India team to roll out Moove’s innovative platform, starting in Mumbai, Hyderabad and Bangalore, and scaling up to many more cities over the next five years.Binod Mishra, Regional GM for South Asia at Moove
According to Abhilekh Kumar, director of business development in Uber India South Asia, Uber is excited to partner with Moove and to work together to unlock growth opportunities in India amid resurgent post-pandemic demand.
He went on to state that the partnership’s addition of new cars will help provide a better customer experience to riders, while also creating long-term earning opportunities for drivers on the Uber platform. The startup offers accessible vehicle financing exclusively to drivers on the Uber’s platform.
Remember we reported recently that the mobility fintech raised $105 million in a Series A2 funding round, led by some of its previous investors, including Speedinvest, Left Lane Capital and the latest ventures, and new participants like AfricInvest, MUFG Innovation Partners, Latitude and Kreos Capital.
In a statement released, the company said that it will use the money to “rapidly scale its revenue-based vehicle financing model to seven new markets across Asia, MENA and Europe region over the next six months.”
Read also: Inside Moove’s plan to sell “at least 50%” of its vehicles to women
Moove was established in 2020 with the goal of decentralising access to automobile ownership. It is taking the lead in the “mobility fintech sector,” a new market that Moove created to address the issue of millions of individuals in emerging economies having restricted access to car financing. Numerous drivers have been able to find employment thanks to Moove’s revolutionary approach.
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