As part of its global expansion, Moove, the first mobility fintech in the world and Uber ’s first car leasing partner in EMEA, has announced that it will launch in India. Moove, which provides revenue-based financing to business owners in the mobility industry, has established itself throughout Africa and is now expanding to Mumbai, Hyderabad, and Bangalore. All three cities have a combined population of over 27 million, and are top most populated cities in the Asian country.
The firm provides auto financing through a loan only available to drivers on the Uber network.
One of the largest Uber fleets in India is anticipated to be created as a result of this partnership, and Moove plans to fund 5,000 electric or CNG vehicles in the first year. Over the next five years, the company wants to expand to 30,000 vehicles, offering long-term job possibilities in this quickly expanding industry.
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Moove was introduced in 2020 with the goal of democratising access to automobile ownership. In order to provide loans to drivers who had no prior access to financial services, the firm integrates its alternative credit scoring technology with ride-hailing platforms and makes use of its own unique performance and revenue data. Entrepreneurs in the mobility industry can finance their new car through Moove in exchange for a portion of their weekly income.
With its clients having travelled more than 5 million miles in four different countries in Moove-financed automobiles over the past two years, the company has helped to create sustainable jobs and opened up the option of asset ownership. Given that Uber has more than 600,000 drivers in India, this initiative will give Moove the perfect chance to make accessible funding available to thousands of drivers, assisting them in increasing productivity and expanding their businesses.
“This launch in India, our first outside of Africa, is a very meaningful occasion for the whole Moove team,” said Ladi Delano, co-founder and co-CEO of Moove. “Our revenue-based vehicle financing model will be expanded in order to generate long-term employment across the nation, where ownership rates are among the lowest in the world, primarily as a result of limited access to credit. To address this issue for our newest consumers in India, we are thrilled to strengthen our collaboration with Uber.”
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“We look forward to working closely with the Uber India team and launching Moove’s revolutionary platform,” said Binod Mishra, regional director for South Asia at Moove. “Over the following five years, we will gradually expand to many more cities after starting with Mumbai, Hyderabad, and Bangalore.”
“Moove has developed an innovative “rent-to-own” model, providing drivers with a flexible choice for entering the ride-hailing industry without having to borrow a car from an owner or obtain a bank loan to fund the purchase of his automobile from a dealership. We are eager to collaborate with Moove in order to fully realise the growth potential that India’s post-pandemic demand awakening offers. The addition of new vehicles will improve the customer experience while giving drivers using Uber’s platform options to make a steady living,” Business Development Manager for Uber India South Asia, Abhilekh Kumar, said.
In India, Moove is now introducing its impact-driven business model. Its purpose, which aims to address the issue of inadequate funding for business owners in the global mobility sector, includes this first growth outside of Africa. Moove is dedicated to making sure that 60% of the vehicles it finances globally will be hybrid or electrical in order to establish itself as a global leader in the adoption of electric vehicles for ride-hailing and the mobility industry. India has announced goals to use more renewable energy sources and cut harmful emissions by 2030, which provided Moove with the ideal chance to promote their easily available financing of fuel-efficient electric automobiles.
A Look At What Moove Does
Global startup Moove was founded in Africa. The first mobility Fintech in the world, it gives mobility entrepreneurs financial services and income-based loans to finance their vehicle. In order to provide loans to drivers who had no prior access to financial services, Moove may integrate its alternative credit scoring algorithm with ride-hailing, e-logistics, and instant delivery platforms. By doing this, Moove can then use its own performance and revenue analytics. With support from some of the biggest investors in the world, Moove has raised more than $200 million to far, grown to 13 markets across 3 continents, and seen a rise in usage of its sponsored vehicles by consumers to the tune of more than 5 million journeys.
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Moove is a mission-driven business that prioritises impact in its growth by pledging to have at least 60% of its fleet consist of hybrid and electric vehicles.
Charles Rapulu Udoh
Charles Rapulu Udoh is a Lagos-based lawyer, who has several years of experience working in Africa’s burgeoning tech startup industry. He has closed multi-million dollar deals bordering on venture capital, private equity, intellectual property (trademark, patent or design, etc.), mergers and acquisitions, in countries such as in the Delaware, New York, UK, Singapore, British Virgin Islands, South Africa, Nigeria etc. He’s also a corporate governance and cross-border data privacy and tax expert.
As an award-winning writer and researcher, he is passionate about telling the African startup story, and is one of the continent’s pioneers in this regard. You can book a session and speak with him using the link: https://insightsbyexperts.com/view_expert/charles-rapulu-udoh