Moove, the world’s first mobility fintech and Uber’s largest vehicle supply partner in EMEA, is announcing its launch in India as a 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. The startup offers accessible vehicle financing exclusively to drivers on Uber’s platform.
In what is envisaged to be one of Uber’s mega fleet partnerships in India, Moove aims to launch 5,000 CNG and electric vehicles within the first year. The company plans to scale to 30,000 vehicles over the next five years, creating sustainable work opportunities in a rapidly developing economy.
Founded in 2020, Moove was launched to democratise access to vehicle ownership. The company embeds its alternative credit scoring technology onto ride-hailing platforms and leverages proprietary performance and revenue analytics to underwrite loans to drivers who have previously been excluded from financial services. Moove provides vehicle financing to mobility entrepreneurs to purchase brand new vehicles using a percentage of their weekly revenue.
Over the past two years, Moove has enabled sustainable job creation and a path to asset ownership with its customers having completed over 5 million trips in Moove-financed vehicles across four countries. With over 600,000 drivers on Uber in India, the launch will unlock the perfect opportunity for Moove to provide accessible financing to thousands of drivers to help them become more productive and grow their businesses.
Ladi Delano, co-founder and co-CEO at Moove, said, “As our first global expansion outside of Africa, launching in India is a very special moment for the whole Moove team.
We’re excited to be expanding our revenue-based vehicle financing model to enable the sustainable creation of jobs across the country, where there are some of the lowest vehicle ownership rates in the world, in part because of the lack of access to credit. We are delighted to be expanding our Uber partnership to solve this problem for our new customers in India.”
Binod Mishra, Regional GM for South Asia at Moove, said, “We’re looking forward to working closely with the Uber India team to roll out Moove’s innovative platform, starting in Mumbai, Hyderabad and Bangalore, and scaling up to many more cities over the next five years.”