the world’s first mobility fintech and Uber’s largest vehicle supply partner in
EMEA, is announcing 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
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.
in 2020, Moove was launched to democratise access to vehicle ownership. The
company embeds its alternative credit scoring technology onto ride-hailing
platforms and leverages proprietary performance and revenue analytics to
underwrite loans to drivers who have previously been excluded from financial
services. Moove provides vehicle financing to mobility entrepreneurs to
purchase brand new vehicles using a percentage of their weekly revenue.
the past two years, Moove has enabled sustainable job creation and a path to
asset ownership with its customers having completed over 5 million trips in
Moove-financed vehicles across four countries. With over 600,000 drivers on
Uber in India, the launch will unlock the perfect opportunity for Moove to
provide accessible financing to thousands of drivers to help them become more
productive and grow their businesses.
Delano, co-founder and co-CEO at Moove, said, “As our first global expansion
outside of Africa, launching in India is a very special moment for the whole
Moove team. 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.”
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