Moove ,a global mobility fintech startup has secured $10 million debt funding to enhance urban mobility in India by expanding its fleet to 5,000 cars and entering new cities like Delhi, Pune, and Kolkata.
Founded in 2020 by British-born Nigerians Ladi Delano and Jide Odunsi, Moove provides vehicle financing to drivers of ride-hailing platforms.
“We’re delighted to announce our partnership with Stride Ventures, marking our first-ever debt facility in India. Being facilitated by such a premier investor not only validates Moove’s impact-driven model and growth potential but also paves the way for an additional revolving line of credit amounting to $10 million,” Binod Mishra, Regional Managing Director, India and South Asia, Moove, said.
Moove’s business model allows drivers to access loans to buy or rent cars, and the company deducts weekly rental fees from their earnings before transferring the balance to their accounts. The loans are typically between 12 and 48 months, and once repaid, the drivers own the cars. The company says ,their cars have completed over 4.2 million trips.