Mobility fintech startup Moove has successfully raised $10 million in a debt funding round from Stride Ventures, marking its first external debt funding in India.
Expansion Strategy
Since its inception a year ago in Bengaluru, Mumbai, and Hyderabad, Moove has made significant strides in India’s mobility sector. The capital infusion will enable the company to strengthen its presence across the country, not only geographically but also by scaling up its fleet to meet the growing demand for mobility solutions.
Mission and Services
Founded in 2020 by Ladi Delano and Jide Odunsi, Moove is committed to transforming global mobility by integrating alternative credit-scoring technology into ride-hailing platforms. This allows Moove to provide financial services to individuals who have traditionally been excluded from such opportunities.
Moove’s innovative approach has positioned it as Uber’s top vehicle supply partner in the EMEA region and its largest global fleet partner.
Impressive Impact
Moove boasts facilitating over 30 million trips in Moove-financed vehicles worldwide, with more than 4.2 million trips occurring in India alone. Binod Mishra, Moove’s regional managing director for India and South Asia, expressed delight in partnering with Stride Ventures, emphasizing the validation of Moove’s impact-driven model and growth potential.
Future Prospects
With the support of Stride Ventures, Moove is poised to transform vehicle ownership nationwide, furthering its mission to revolutionize global mobility. The partnership not only signifies Moove’s growth trajectory but also opens avenues for additional financial resources, ensuring its continued success in the mobility sector.