Uber plans to invest $100 million in Moove

Uber, a US-based ride-hailing company, is reportedly planning to invest in Moove, a Nigerian vehicle financing platform, with a funding round of up to $100 million. If this investment happens, Moove’s valuation could increase from $650 million to $750 million. However, the final amount of the funding round could vary between $75 million to $100 million.

Both Uber and Moove have not confirmed the investment plans, but it is highly likely to occur as the two companies have worked together before. In 2020, they formed a partnership aimed at offering flexible vehicle ownership for Uber drivers.

Moove has already received substantial investments throughout its lifetime. If this funding round goes ahead, it will bring the total funding received since its establishment to $335 million. Recently, Moove received $10 million in debt from Stride Ventures to expand operations to India, which will help the company increase its presence in the country. Currently, it operates in three cities: Mumbai, Hyderabad, and Bengaluru.

Uber has also partnered with Moove in India, where it supplied electric cars to Uber drivers in the country. While this investment by Uber shows its confidence in Moove’s growth, the Nigerian startup has also faced some challenges. For example, it has had to lay off employees following a $140 million raise, and driver protests have questioned the efficacy of its vehicle-financing business model.

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