Uber commits to back Moove’s $100m raise at $750m valuation

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..the investment would be a milestone for Moove, bringing its total funding since inception to an impressive $335 million.
Mobility fintech, Moove plans UAE expansion with its new $30 million investment fund

Ride-hailing platform, Uber has declared its commitment to support Nigerian vehicle financing platform, Moove in its bid to raise a significant $100 million funding round. An anonymous source disclosed this to Bloomberg yesterday.

According to the report, the planned raise is set to elevate Moove’s valuation from $650 million to $750 million. Although the final funding amount remains fluid, ranging between $75 million and $100 million, this move aligns with the historical collaboration between Uber and Moove. Their 2020 partnership focused on creating flexible vehicle ownership for Uber drivers.

While both Uber and Moove are tight-lipped about the funding, the investment would be a milestone for Moove, bringing its total funding since inception to an impressive $335 million. In a recent funding round, Moove secured $10 million in debt from Stride Ventures, earmarked for expanding operations in India.

This follows a $76 million in new funding to help expand its operations and investments in the markets it operates six months earlier.

Move co-founders; Jide Odunsi and Ladi Delano
Moove’s co-founders; Jide Odunsi and Ladi Delano

According to the report, Moove aims to bolster its presence in India, currently operating in Mumbai, Hyderabad, and Bengaluru.

Similarly, Uber has also joined forces with Moove in India, supplying electric cars to Uber drivers in the country. Despite Moove’s growth, the startup has encountered challenges, including layoffs following a $140 million raise and driver protests casting shadows on its vehicle-financing business model.

Then, CEO and co-founder, Ladi Delano, the Mubadala-led explained that the funding rounds will help the company to double down on already its profitable markets. These include the UAE, India, the UK, and South Africa within the next 12 months.

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How Moove is transforming ride-hailing through innovative integration

Moove stands out as a trailblazer, not only in vehicle financing but also in harnessing cutting-edge technology to redefine the user experience for both drivers and riders. The company’s commitment to innovation within the transportation sector is evident through its strategic technological integration.

It has embraced smart fleet management systems, revolutionizing how vehicles are managed and deployed. Leveraging advanced telematics and IoT devices, the company can monitor the real-time health of its vehicles, ensuring optimal performance, proactive maintenance, and minimizing downtime.

Moove's entry into the Indian market

The company taps into the power of data to make informed decisions. By collecting and analyzing vast amounts of data, including driver behaviour, traffic patterns, and user preferences, the platform enhances route optimization, predicts demand surges, and personalizes the driving experience for users.

A commitment to providing a seamless experience is reflected in Moove’s user-friendly interface. Drivers and riders benefit from an intuitive app design that prioritizes simplicity without compromising functionality.

From onboarding to payment processing, Moove’s tech integration ensures a hassle-free journey, fostering user satisfaction and loyalty.

Artificial Intelligence is a key player in Moove’s customer support system. The platform offers instant assistance through AI-powered chatbots, addressing queries, and resolving issues promptly. This not only enhances user engagement but also streamlines customer support operations, allowing human agents to focus on more complex concerns.

Moove

In line with technological advancements, Moove contributes to environmental sustainability by integrating electric vehicles into its fleet. This aligns with global efforts to reduce carbon footprints and positions Moove as a forward-thinking player in the transportation sector.

Moove’s technological integration is not a static achievement but an ongoing journey. The company remains dedicated to a continuous innovation roadmap, exploring emerging technologies like autonomous vehicles, predictive analytics, and augmented reality to stay ahead in a rapidly evolving industry.

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