Moove, a Nigerian mobility fintech startup, has secured $10 million in debt capital from Stride Ventures to expand its operations in India.
To help mobility entrepreneurs in developing economies who lack access to vehicles or funding, the company is utilizing productivity data and technology to create a unified, revenue-based platform for car financing.
“Our vehicles have completed over 4.2 million 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,” said Binod Mishra, Regional Managing Director, India and South Asia, Moove.
Moove, a company based in Gurugram, is now present in Bengaluru, Hyderabad, and Mumbai.
Apoorva Sharma, Managing Partner at Stride Ventures, said, “Our partnership with Moove is set to transform vehicle ownership accessibility throughout India, marking a significant leap towards social and economic advancement.”
Moove, which operates in nine markets in Africa, the Middle East, Europe, and Asia, has become Uber’s largest worldwide fleet partner and top vehicle supply partner in Europe, the Middle East, and Africa (EMEA).
Globally, Moove-financed vehicles have completed more than 30 million rides, according to the startup.
According to a statement from the company, the most recent capital will be used to grow the Indian fleet to over 5,000 vehicles and enter new regions like Delhi, Pune, and Kolkata.
Read more on Tech Gist Africa:
Arnergy, a Nigerian cleantech startup, has raised $3 million in funding
AlGROWithm, a Nigerian startup, received funds to expand its Growth Talent Accelerator Programme
MAKA, a Nigerian social commerce network, has raised $2.65 million in a pre-seed funding round