Africa-born, the world’s first mobility fintech platform Moove announced a collaboration with Uber India to foray into the Indian market. The company announced the partnership on July 25, 2022. Moove is also the largest vehicle supply partner in EMEA (Europe, the Middle East and Africa) for Uber.
Purpose of the Collaboration
The decision to enter the Indian market is a part of Moove’s global expansion strategy. In its first expansion from its roots in Africa, Moove operates in Mumbai, Hyderabad, and Bangalore.
The startup provides accessible vehicle financing exclusively to drivers on Uber’s platform for buying new vehicles. As a part of the deal, the auto-financing platform aims to launch 5,000 CNG and electric vehicles within the first year.
Further, the company has plans to scale to 30,000 vehicles over the next five years. It seeks to create sustainable work opportunities in a rapidly developing economy. It is the vision of the company to be a global leader in the electrification of ride-hailing and mobility. Moove is committed to ensuring that 60% of the vehicles it finances globally are hybrid or electric.
Since India recently put plans into motion for improving renewable energy uptake and reducing harmful emissions by 2030, it is the perfect opportunity for Moove to foray into the nation.
What the Moove officials have to say
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 expand our Uber partnership to solve this problem for our new customers in India.”
In addition, Binod Mishra, Regional GM for South Asia at Moove, said, “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.”
What the Uber official has to say
Abhilekh Kumar, Director, Business Development, Uber India South Asia, said, “Moove has created an innovative “rent to own” model that provides a flexible option for drivers who want to get into the business of ride-hailing without having to borrow from car owners or take bank loans to finance cars brought from dealerships. We are excited to partner with Moove and work together to unlock growth as we witness a resurgent post-pandemic demand in India. The addition of new cars will help provide superior customer experience to riders while creating sustainable earning opportunities for drivers on the Uber platform.”
About Moove
Moove seeks to solve the challenge of limited access to vehicle financing for millions of people in emerging markets. Established in 2020, the platform aims to democratize access to vehicle ownership. The startup primarily operates in Africa and has recently begun to expand into other markets.
Earlier, the company raised USD 105 million in new series A2 financing. So far, the company has raised USD 200 million in funding. It already has access to 13 markets across three continents.
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