African mobility fintech company, Moove, has announced its expansion plans into India.
According to Abhilekh Kumar, director of business development, Uber India South Asia, the expansion will help drivers in India. While commenting, he said, “This partnership is aimed at enabling access to vehicles among mobility entrepreneurs at a time when capital availability is the key issue.” He further added, “It’ll help drivers to seamlessly grow their businesses and create a more sustainable mobility infrastructure in India. With demand from riders higher than ever in India, we’re looking forward to partnering with Moove to ensure we can provide an unparalleled experience to drivers and riders on our platform in our top markets.”
Moove has plans to scale the number of vehicles to 30,000 over the next five years, with a commitment to ensure that 60% of the vehicles it finances globally are hybrid or electric. India recently revealed targets for increasing renewable energy sources and lowering harmful emissions by 2030, which presents Moove with the ideal market opportunity to offer accessible finance for fuel-efficient and electric cars.
On the latest expansion, Ladi Delano, co-founder and co-CEO at Moove, said, “As our first global expansion outside of Africa, 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.”
Binod Mishra, regional general manager for South Asia at Moove, also said, “We’re looking forward to working closely with the Uber India team to roll out Moove’s innovative platform, starting in Mumbai, Hyderabad, and Bangalore, and scaling up to many more cities over the next five years.”
Moove was founded in 2020 by Ladi Delano and Jide Odunsi to provide commercial drivers with access to vehicle ownership. The company uses proprietary performance and revenue analytics to underwrite loans to customers who have previously been excluded from financial services.
The company wants to bring this model to India, a country with over 1.3 billion people and fewer than 25 vehicles per 1,000 people, compared to Europe, where 600+ vehicles per 1,000 people. Uber’s largest partner in the EMEA region, the company will launch 5,000 electric and compressed natural gas vehicles within the first year in Mumbai, Hyderabad, and Bangalore.