African mobility fintech Moove has launched in 3 Indian cities as its first expansion outside Africa, backed by more than $200 million in total funding following a $20 million investment from Absa.
Founded in Lagos, Nigeria, in 2020 by Ladi Delano and Jide Odunsi, Moove provides revenue-based vehicle financing to ride-hailing drivers who cannot access traditional credit. The company uses alternative credit scoring to finance vehicle purchases, with drivers repaying through a percentage of their weekly earnings.
India expansion
Moove has launched in Mumbai, Hyderabad, and Bangalore, deploying 5,000 EV and CNG vehicles in its first year as part of one of Uber India’s largest vehicle partnerships. The company plans to scale to 30,000 vehicles over 5 years.
“As our first global expansion outside of Africa, launching in India is a very special moment for the whole Moove team,” Delano said. “We’re excited to be expanding our revenue-based vehicle financing model to enable the sustainable creation of jobs across the country.”
African roots
Across its 6 Sub-Saharan African markets, Moove-financed vehicles had completed over 6 million trips at the time of the announcement. The Indian launch represented a test of whether the model, originally designed for African markets with low vehicle ownership and limited access to credit, could scale globally.
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