One year later, Moove is still doubling down on its Indian bet
Barely a year after expanding into India, Moove, a Nigerian mobility startup has secured $10 million to expand its vehicle financing offering to more cities.
In 2020, Nigerian tech entrepreneurs Ladi Delano and Jide Odunsi came together to establish Moove, in response to the obstacle confronting over two million African mobility entrepreneurs: the absence of accessible vehicle financing.
"It became clear to us that people are not buying cars in Africa because there is no access to finance. When you look anywhere else in the world, you have financing in most parts of the developed world when you try to buy a car. It is that way in the U.K., or Europe and the U.S. And that is driving mobility drive and vehicle sales," Delano said in an interview in the company's early days.
Moove later became Uber's preferred car financing and supply partner in sub-Saharan Africa. According to Moove’s sub-Saharan regional manager, Tayo Oyegunle, "We have drastically reduced the barriers to entry for our mobility entrepreneurs. They don’t need deposits or collateral to get a brand new car, and we can do this because of the robust technology we’ve deployed to assess creditworthiness."
Starting from Nigeria, Moove expanded its operations to around six African cities. In July 2022, the mobility fintech, born in Nigeria, ventured into India via a partnership with Uber, marking its first market outside of Africa. As of this month, Moove reported completing over 1 million trips in India with over 1500 acquired vehicles, where it operates in three major cities—Bengaluru, Mumbai, and Hyderabad.
"I've been with Moove for 11 months. 2023 has been incredible for me, and I look forward to what the second half of this year holds. The most exciting thing about being a Moove customer is the Health Insurance and Ownership Scheme. My life has changed since I joined the business. Also, I manage stress by taking frequent breaks," shared Gogulla Ramesh, a Moove customer in India.
Similar to its operations in Sub-Saharan Africa, Moove facilitates commercial drivers' access to vehicle ownership in India. Utilising proprietary performance and revenue analytics, the company extends loans to customers previously excluded from financial services.
Recently, Moove raised $10 million in debt funding from Stride Ventures. The funds, according to the mobility startup, will be used to deepen its operations in India, and also expand into three new cities; Delhi, Pune, and Kolkata. "With the robust support of Stride Ventures, we stand on the cusp of transforming vehicle ownership nationwide, propelling our mission forward," says Binod Mishra, Moove's Indian regional managing director.
Moove aims to exceed 2000 customers this year and has revealed intentions to roll out 5000 cars, aiming for 10,000 vehicles in the next three years—60% of these financed vehicles will either be Electric Vehicles (EVs) or CNG vehicles.
Last year, Uber partnered with the mobility startup to deploy 25,000 electric vehicles on its ride-sharing platform in India. The company stated, "The widespread adoption of electric vehicles in India will not only drive a reduction in carbon emissions but also catalyze continued advancements and increased investments within the sector."
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