Moove secures $10 million in funding for expansion in India

African vehicle financing startup, Moove, has secured $10 million in debt funding from sector-agnostic venture debt fund, Stride Ventures. Having entered the Indian market in 2023, the funding aims to solidify Moove’s presence there and extend its operations to new cities, including Delhi, Pune, and Kolkata.

Currently, the company operates in Bengaluru, Mumbai, and Hyderabad.

Moove reveals that most of its vehicles in India are registered with Uber, and the cars it has financed have completed more than 30 million trips on the ride-sharing platform. The firm aims to expand its fleet to over 5,000 cars to boost its presence in India.

In 2023, Moove collaborated with Uber to introduce approximately 25,000 electric vehicles on its ride-sharing platform in India. Presently, Moove operates in nine markets across Africa, Europe, Asia, and the Middle East.

Binod Mishra, Regional Managing Director at Moove, spoke about the company’s remarkable growth in India, highlighting that the startup has made a significant impact in the mobility industry with over 4.2 million trips completed by its vehicles.

He expressed excitement about the collaboration with Stride Ventures and the potential impact on achieving the company’s mission of transforming vehicle ownership in India.

Moove, a vehicle financing startup founded in 2020 by Jide Odunsi and Ladi Delano, provides services to transportation business owners across various platforms such as ride-hailing, logistics, mass transit, and instant delivery. The company uses alternative credit sourcing technology and productivity data to achieve this.

In India, Moove is in competition with other firms such as OTO Capital, Revfin, Turno, and Ascend Capital. Notably, Ascend Capital, an electric vehicle (EV) financing firm based in Jaipur, has recently announced its intention to raise Rs 500 crore (~$60.2 million) over the next 18 months. The funds will be used to finance more than 1 million electric commercial vehicles by 2030.

On another note, OTO, a financing firm that focuses on two-wheelers, recently raised $10 million in a funding round led by Japanese GMO Venture Partners.