Mobility fintech Moove ties up with Uber to give ride hailing a ‘lift’
Moove, a mobility fintech and Uber’s largest vehicle supplier in EMEA, has entered India as part of its global expansion.
This African-born startup provides revenue-based funding to mobility entrepreneurs. In its first expansion outside Africa, it has expanded to Mumbai, Hyderabad and Bengaluru. The startup will offer available vehicle financing to drivers on Uber’s platform for the purchase of new vehicles, using a percentage of their weekly earnings.
It had recently raised $105 million in new Series A2 funding to expand across markets in Asia and Europe.
Financing a shift to green mobility
In what is envisioned as one of Uber’s mega-fleet partnerships in India, Moove aims to launch 5,000 CNG and electric vehicles in the first year.
The company plans to scale to 30,000 vehicles over the next five years, creating sustainable employment opportunities in a rapidly developing economy.
Ladi Delano, co-founder and co-CEO of Moove, said , “As our first global expansion outside of Africa, launching in India is a special moment for the entire Moove team.
We are excited to expand our income-based vehicle financing model to enable sustainable job creation across the country, which has some of the lowest vehicle ownership rates in the world, due in part to the lack of access to credit. We are excited to expand our Uber partnership to solve this problem for our new customers in India.”
Founded in 2020, Moove was launched to democratize access to vehicle ownership. The company embeds its alternative credit scoring technology into ride-hailing platforms and leverages proprietary performance and income analytics to underwrite loans for drivers previously excluded from financial services.
Binod Mishra, Regional GM South Asia at Moove, said: “We look forward to working closely with the Uber India team to roll out Moove’s innovative platform, starting in Mumbai, Hyderabad and Bengaluru, and scaling up to many more cities over the next five years.”
Abhilekh Kumar, Director of 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 enter the business of driving without having to borrow from car owners or take out bank loans to finance cars picked up from dealers.
“We are excited to partner with Moove and work together to unlock growth as we see a resurgence in post-pandemic demand in India. The addition of new cars will help provide a superior customer experience for riders, while creating sustainable revenue opportunities for drivers on the Uber platform.”
Over the past two years, over 5 million trips have been made in Moove-financed vehicles in four countries.
With over 600,000 drivers on Uber in India, the launch is expected to open the perfect opportunity for Moove to provide accessible funding to thousands of drivers, helping them become more productive and grow their business.
Moove aims to be a global leader in the electrification of driving and mobility, with a commitment to ensure that 60 percent of the vehicles it finances globally are hybrid or electric.
India recently set targets to improve renewable energy uptake and reduce harmful emissions by 2030, creating the perfect market opportunity for Moove to provide accessible financing for fuel-efficient and electric vehicles.
Published on
25 July 2022
