African vehicle financing startup Moove has secured $10 million in debt funding from Stride Ventures, a venture debt fund.
This boost will help Moove grow its presence in India and extend its services to new cities like Delhi, Pune, and Kolkata. Currently operating in Bengaluru, Mumbai, and Hyderabad, Moove primarily registers its vehicles with Uber, with over 30 million trips completed on the platform.
The company aims to increase its fleet to over 5,000 cars in India. In collaboration with Uber, Moove deployed around 25,000 electric vehicles in India in 2023.
Binod Mishra, Moove’s Regional Managing Director, highlighted the company’s significant impact on India’s mobility industry, with over 4.2 million trips completed.
Moove, founded in 2020, offers vehicle financing for transportation businesses using alternative credit sourcing technology.
Its competitors in India include OTO Capital, Revfin, Turno, and Ascend Capital. Ascend Capital recently announced plans to raise Rs 500 crore (~$60.2 million) to finance over 1 million electric commercial vehicles by 2030.
Additionally, OTO secured $10 million in funding led by Japanese GMO Venture Partners.
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