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According to the mobility startup, the majority of its vehicles in India are registered with Uber, with the financed cars having completed more than 30 million trips on the ride-sharing platform. Its objective is to expand its fleet to over 5,000 vehicles to solidify its presence in the country.
In 2023, Uber joined forces with Moove to deploy approximately 25,000 electric vehicles on its ride-sharing platform in India. Currently, Moove operates in nine markets across Africa, Europe, Asia, and the Middle East.
Binod Mishra, Moove’s Regional Managing Director, highlighted the mobility company’s significant growth in India, noting that its vehicles have completed over 4.2 million trips and made a substantial impact on the country’s mobility industry.
“With the robust support of Stride Ventures, we stand on the cusp of transforming vehicle ownership nationwide, propelling our mission forward,” Mishra added. Founded in 2020 by Jide Odunsi and Ladi Delano, Moove provides vehicle financing for transportation business owners in ride-hailing, logistics, mass transit, and instant delivery platforms, utilizing alternative credit sourcing technology and productivity data.
Moove faces competition in India from OTO Capital, Revfin, Turno, and Ascend Capital.
On Wednesday, February 13, Ascend Capital, a Jaipur-based electric vehicle (EV) financing firm, announced its intention to raise Rs 500 crore (~$60.2 million) over the next 18 months to finance more than 1 million electric commercial vehicles by 2030.
Additionally, OTO, a two-wheeler-focused financing firm, recently secured $10 million in funding led by Japanese GMO Venture Partners.
Source: Techpoint