African born vehicle financing company, Moove, is expanding to India. Moove is Uber’s largest vehicle supply partner in Europe, Middle East, and Africa (EMEA) regions. Moving to India is part of the company’s global extension plan.
The company which provides revenue-based financing to mobility entrepreneurs will be setting up services in Mumbai, Hyderabad, and Bangalore to provide accessible vehicle financing to driver partners on the Uber platform.
The company will be launching 5,000 EV and CNG vehicles within its first year, with plans of scaling to 30,000 in the next five years.
Founded in 2020, Moove was launched to democratize access to vehicle ownership and is leading this charge in the mobility fintech sector which is a space created by Moove. The company is solving the challenge of limited access to vehicle financing for millions of people in emerging markets.
To do this, the company leverages proprietary performance and revenue analytics to underwrite loans to customers who have previously been excluded from financial services. Over 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.
The company says it is now bringing its impact-led model to India, its first expansion outside of Africa, as part of its mission to close the finance gap for mobility entrepreneurs globally. Moove’s innovative model will help thousands of drivers return to work, by putting 5,000 vehicles on the road within the first year, with the intent of scaling to 30,000 vehicles and becoming Uber India’s mega-fleet partner across 300 cities over the next five years.
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 and electric vehicles.
Ladi Delano, co-founder and co-CEO at Moove, said that global expansion outside Africa and 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,” Ladi said.