African Vehicle Financing Startup Moove Raises $10 Mn Debt Funding To Expand India Ops

Africa’s mobility fintech startup Moove has raised a debt funding of $10 Mn (about INR 83 Cr) from Stride Ventures to expand its presence in the Indian market.

The startup, which entered India in 2023, said it will use the fresh funds to strengthen its presence in the country and expand to new cities, including Delhi, Pune, and Kolkata. Moove currently claims to have a presence in Bengaluru, Mumbai and Hyderabad. 

Established in 2020 by Jide Odunsi and Ladi Delano, Moove uses its alternative credit sourcing technology and productivity data to provide vehicle financing for mobility entrepreneurs across ride-hailing, logistics, mass transit, and instant delivery platforms.

Currently, Moove operates in nine markets across the Middle East, Africa, Europe, and Asia. 

Commenting on the startup’s growth in India, Moove’s regional managing director Binod Mishra said, “Our vehicles have completed over 4.2 Mn trips, significantly impacting India’s mobility sector. With the robust support of Stride Ventures, we stand on the cusp of transforming vehicle ownership nationwide, propelling our mission forward.”

According to the startup, a major chunk of its vehicles in India are registered with Uber and the cars financed by Moove have completed over 30 Mn trips on the ride-hailing platform. 

It is pertinent to note that Uber partnered Moove last year as part of its plans to deploy over 25,000 electric vehicles on its platform in India.

To further strengthen its presence in the country, Moove aims to bring the total number of vehicles to more than 5,000. 

In India, Moove competes with the likes of OTO, Revfin, Turno, Ascend Capital among others. 

Among its competitors, EV financing platform Ascend today bagged INR 50 Cr in a funding round co-led by InfoEdge Ventures and Asha Ventures.

Also, OTO recently secured $10 Mn funding to expand to more than 30 Indian cities, transitioning into the electric vehicles category and strengthening its existing partnerships. 

According to a market study, the car loan market in India is expected to grow at 11% CAGR to reach a size of $14.87 Bn by 2027.

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