Auto financing startup Moove forays into Indian market

PTI, Jul 26, 2022, 11:18 AM IST

Image source: ET Auto

Auto financing start-up Moove on Monday announced its entry into the Indian market with the launch of operations in Mumbai, Hyderabad, and Bengaluru. The company, which is Uber’s largest vehicle supply partner in Europe, the Middle East, and Africa, has launched operations in the country as part of its global expansion.

Nigeria-born global startup Moove provides revenue-based financing to mobility entrepreneurs.

The startup offers accessible vehicle financing exclusively to drivers on Uber’s platform.

“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,” Moove co-founder Ladi Delano said in a statement.

Moove is bringing its impact-led model to India, its first expansion outside of Africa, as part of its mission to close the finance gap for mobility entrepreneurs globally, the company stated.

The company aims to be a global leader in the electrification of ride-hailing and mobility with a commitment to ensuring that 60 percent of vehicles it finances globally are hybrid or electric, it added.

Backed by some of the world’s leading investors, Moove has raised over USD 200 million to date, scaled to 13 markets across three continents, and its customers have completed over 5 million trips.