Nigerian Mobility Fintech Moove Makes Indian Expansion
Moove, the world’s first mobility fintech and Uber’s largest vehicle supply partner in EMEA, announces its launch in India as part of its global expansion.
Moove, which provides revenue-based financing to mobility entrepreneurs, has expanded from its African roots to Mumbai, Hyderabad and Bangalore to offer accessible vehicle financing to driver partners on Uber’s platform.
In what will be one of Uber India’s largest vehicle partnerships, Moove will launch 5,000 EV and CNG vehicles in the first year, with plans to scale to 30,000 over the next five years, creating sustainable employment opportunities in a rapidly developing economy.
Transforming mobility concert economies through vehicle financing
Half of the world’s 1.1 billion gig workers are denied access to financial services and lack access to credit because traditional banks rely on historical data to guarantee their loans.
In emerging markets across Africa, Asia and MENA, poor credit penetration limits the ability of millions of people to purchase new vehicles – India has extremely low vehicle ownership at less than 25 per 1,000 people compared to Europe where it is 600+ per 1,000 people.
Founded in 2020, Moove was launched to democratize access to vehicle ownership. It leads this venture in the ‘mobility fintech sector’, a white space created by Moove that solves the challenge of limited access to vehicle financing for millions of people in emerging markets.
To do this, the company leverages proprietary performance and income analytics to underwrite loans to customers previously excluded from financial services.
Over the past two years, Moove has enabled sustainable job creation and a path to assets with its customers who have completed over 5 million trips in Moove-financed vehicles.
The company is now bringing its impact-driven model to India, its first expansion outside of Africa, as part of its mission to close the funding gap for mobility entrepreneurs globally.
Similar to sub-Saharan Africa, Moov’s innovative model will help thousands of drivers get back to work by putting 5,000 vehicles on the road in the first year, with the intention of scaling to 30,000 vehicles and becoming Uber India’s mega-fleet partner in 300 cities during the next five years.
Driving the electrification of mobility
Moove aims to be a global leader in the electrification of driving and mobility with a commitment to ensure that 60% of the vehicles it finances globally are hybrid or electric.
India has 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.
Ladi Delano, co-founder and co-CEO of Moove, said: “As our first global expansion outside of Africa, launching in India is a very 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, where there are 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.”
Binod Mishra, Regional GM for South Asia at Moove, said: “We look forward to working closely with the Uber India team to roll out Moov’s innovative platform, starting in Mumbai, Hyderabad and Bangalore, and scaling up to many more cities over the next five years.”
Abhilekh Kumar, Director of Business Development, Uber India South Asia, said: “This partnership is aimed at providing access to vehicles among mobility entrepreneurs at a time when capital availability is the key issue. The Moove team has created an innovative ‘rent to own’ model that can fundamentally transform vehicle ownership in the country.”
We are excited about their potential to unlock sustainable livelihoods by removing existing barriers to ownership. It will help drivers to seamlessly grow their own businesses and create a more sustainable mobility infrastructure in India.
With demand from riders higher than ever in India, we look forward to partnering with Moove to ensure we can provide an unparalleled experience to both drivers and riders on our platform in our top markets.”
Featured Image: Fleet of Moove Vehicles
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