Moove secures $10M from Stride Ventures to enhance urban mobility in India

Moove, an international mobility fintech startup, has recently secured $10 million in debt funding to expand its fleet of cars and enhance urban mobility in India. As part of its expansion plans, the company aims to introduce 5,000 more cars in its fleet and enter new cities such as Delhi, Pune, and Kolkata.

Moove was founded in 2020 by Ladi Delano and Jide Odunsi, two British-born Nigerians. The company provides vehicle financing to drivers of ride-hailing platforms, enabling them to purchase or rent cars through loans. The drivers can repay the loans over a period of 12 to 48 months, and once the loans are paid off, they own the cars. Moove deducts weekly rental fees from the drivers’ earnings and transfers the balance to their accounts.

The company’s impact-driven model and growth potential have been validated by its partnership with Stride Ventures, which facilitated Moove’s first-ever debt facility in India. According to Binod Mishra, Regional Managing Director, India and South Asia, Moove, the partnership with Stride Ventures has paved the way for an additional revolving line of credit amounting to $10 million.

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Since its inception, Moove’s cars have completed over 4.2 million trips, and the company’s expansion plans are expected to further improve urban mobility in India.