New Investments

African Vehicle Financing Startup Moove Secures $10 Million to Fuel India Expansion

Moove, a leading African vehicle financing startup, has announced securing $10 million in debt funding from Stride Ventures, a sector-agnostic venture debt firm. 

This investment will propel Moove’s expansion in India, where it aims to solidify its presence and venture into new cities like Delhi, Pune, and Kolkata.

Moove entered the Indian market in 2023 and has established itself in Bengaluru, Mumbai, and Hyderabad.

The company boasts impressive traction, with its financed vehicles completing over 4.2 million trips in India alone.

A significant portion of these vehicles operate on the Uber platform, having facilitated over 30 million rides. To further scale its reach, Moove plans to grow its fleet to over 5,000 cars.

“With the robust support of Stride Ventures, we stand on the cusp of transforming vehicle ownership nationwide, propelling our mission forward,” said Binod Mishra, Moove’s Regional Managing Director, highlighting the impact Moove has already made and its ambitious future plans.

This $10 million investment adds to Moove’s recent global funding success, having raised $76 million in total.

Founded in 2020, Moove utilizes alternative credit scoring and productivity data to offer vehicle financing solutions for transportation entrepreneurs in ride-hailing, logistics, and other mobility sectors.

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