Moove, the world’s first mobility fintech and Uber’s largest vehicle supply partner in EMEA, announced its launch in India as a part of its global expansion. Moove, which provides revenue-based financing to mobility entrepreneurs, has expanded from its African roots to Mumbai, Hyderabad, and Bangalore. The startup offers accessible vehicle financing exclusively to drivers on Uber’s platform.
In what is envisaged to be one of Uber’s mega fleet partnerships in India, Moove aims to launch 5,000 CNG and electric vehicles within the first year. The company plans to scale to 30,000 vehicles over the next five years, creating sustainable work opportunities in a rapidly developing economy.
“As our first global expansion outside of Africa, launching in India is a very special moment for the whole Moove team,” said Ladi Delano, co-founder and co-CEO at Moove. “We’re excited to be expanding our revenue-based vehicle financing model to enable the sustainable creation of jobs across the country, where there are some of the lowest vehicle ownership rates in the world, in part because of the lack of access to credit. We are delighted to be expanding our Uber partnership to solve this problem for our new customers in India.”
“Moove has created an innovative ‘rent to own’ model that provides a flexible option for drivers who want to get into the business of ride hailing without having to borrow from car owners or take bank loans to finance cars brought from dealerships. We are excited to partner with Moove and work together to unlock growth as we witness a resurgent post-pandemic demand in India. The addition of new cars will help provide superior customer experience to riders while creating sustainable earning opportunities for drivers on the Uber platform,” added Abhilekh Kumar, Director, Business Development, Uber India South Asia.
Moove aims to be a global leader in the electrification of ride-hailing and mobility with a commitment to ensuring that 60% of the vehicles it finances globally are hybrid or electric. India has recently set targets for improving renewable energy uptake and reducing harmful emissions by 2030, creating the perfect market opportunity for Moove to provide accessible financing for fuel-efficient vehicles.
Source: Moove
