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According to reports from Bloomberg, US-owned ride-hailing company Uber is poised to support Nigerian vehicle financing platform Moove in a $100 million funding round.
The anticipated funding round has the potential to elevate Moove’s valuation from $650 million to $750 million, although the final figure remains subject to variation, ranging from $75 million to $100 million.
While both Uber and Moove have refrained from offering official comments on the planned funding, the likelihood of its occurrence is high, given the established collaboration between the two entities. In 2020, they forged a partnership aimed at providing Uber drivers with flexible vehicle ownership options.
Moove has been successful in securing substantial funding, with the potential $100 million injection bringing its total funding since inception to $335 million. Notably, the startup recently announced a $10 million debt raise from Stride Ventures to facilitate its expansion into India. This funding is earmarked to bolster its presence in Mumbai, Hyderabad, and Bengaluru.
Significantly, Uber has extended its collaboration with the African startup into India, supplying electric cars to Uber drivers in the Asian nation.
While Uber’s investment plan reflects Moove’s growth trajectory, the company has encountered challenges along the way. Despite a $140 million raise, Moove faced the necessity of employee layoffs, and its vehicle-financing business model was scrutinized amidst driver protests.
Source: TechPoint