As part of its global expansion, Moove, the world’s first mobility fintech and Uber’s largest vehicle supply partner in EMEA have announced its launch in India. Moove has expanded from its African roots to Mumbai, Hyderabad, and Bangalore. The startup exclusively provides accessible vehicle financing to Uber drivers.
Moove plans to launch 5,000 CNG and electric vehicles in the first year, making it one of Uber’s mega fleet partnerships in India. Over the next five years, the company intends to expand to 30,000 vehicles, creating long-term job opportunities in a rapidly developing economy.
Moove was founded in 2020 to democratize access to vehicle ownership. Moove has enabled sustainable job creation and a path to asset ownership over the last two years, 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 provides an ideal opportunity for Moove to provide accessible financing to thousands of drivers, assisting them to become more productive and grow their businesses.
“As our first global expansion outside of Africa, launching in India is a very special moment for the entire Moove team,” said Ladi Delano, co-founder, and co-CEO of Moove. We’re excited to be expanding our revenue-based vehicle financing model to enable the long-term creation of jobs across the country, where vehicle ownership rates are among the lowest in the world, owing in part to a lack of credit. We are thrilled to be expanding our Uber partnership to help our new customers in India with this issue.”
According to Abhilekh Kumar, Director of Business Development for Uber India South Asia, “Moove has developed an innovative “rent to own” model that offers a flexible option for drivers who want to enter the ride-hailing business without having to borrow from car owners or take out bank loans to finance cars purchased from dealerships. We are excited to collaborate with Moove to unlock growth as we see resurgent post-pandemic demand in India. The addition of new cars will help provide a better customer experience for riders while also creating long-term earning opportunities for Uber drivers.”
As part of its global mission to close the finance gap for mobility entrepreneurs, Moove is now bringing its impact-led model to India, its first expansion outside of Africa. Moove aspires to be a global leader in the electrification of ride-hailing and mobility, with a goal of financing 60 percent hybrid or electric vehicles globally. India recently set targets for increasing renewable energy uptake and lowering harmful emissions by 2030, creating an ideal market opportunity for Moove to provide affordable financing for fuel-efficient and electric vehicles.
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