Moove's Strategic Move
Nigerian-born mobility fintech startup Moove has taken a significant step forward in its expansion efforts with the announcement of $10 million in new debt funding from Stride Ventures. This funding injection is earmarked for bolstering Moove's presence in India and expanding into key markets such as Delhi, Pune, and Kolkata.
Empowering Mobility in India
Binod Mishra, Regional Managing Director of Moove for India and South Asia, expressed excitement about the opportunity to scale Moove's fleet in India to over 5,000 vehicles. With a focus on transforming vehicle ownership nationwide, Moove aims to make a substantial impact on India's mobility sector, leveraging the support of Stride Ventures to propel its mission forward.
Strategic Partnership with Stride Ventures
The partnership with Stride Ventures signifies a significant milestone for Moove's expansion plans in India. Apoorva Sharma, Managing Partner at Stride Ventures, emphasized the transformative potential of Moove's model, which aims to democratize vehicle ownership accessibility across the country, driving social and economic advancement.
Global Reach and Impact
Headquartered in Gurugram, Moove has already established a strong presence in Bengaluru, Mumbai, and Hyderabad. Beyond India, Moove operates in nine markets across Africa, the Middle East, Europe, and Asia, positioning itself as a key player in the global mobility landscape. Notably, Moove has emerged as Uber's top vehicle supply partner in the EMEA region and its largest global fleet partner.
Revolutionizing Vehicle Financing
With over 30 million trips completed in Moove-financed vehicles globally, the startup has demonstrated the effectiveness of its revenue-based vehicle financing platform. By leveraging technology and productivity data, Moove empowers mobility entrepreneurs in emerging markets with limited access to vehicle financing, offering a transformative solution to address mobility challenges worldwide.
Driving Forward with Purpose
As Moove embarks on its expansion journey in India and beyond, the startup remains committed to its mission of revolutionizing vehicle ownership and mobility solutions. With the support of Stride Ventures and a proven track record of success, Moove is well-positioned to drive positive change and empower communities through accessible and innovative mobility solutions.
