Nigeria-based mobility financing startup, Moove has announced its launch in India.
This year, there’s been a notable trend of African startups expanding off the continent. First was MFS Africa expanding to the UK, then Kora, a Nigerian payment infrastructure, launching a UK office. Now it is Moove.
In a partnership with Uber India, Moove is now available in Bangalore, Hyderabad, and Banglore where it’ll continue its mission of helping drivers buy cars using a percentage of the money they earn from ride-hailing.
Moove and Uber also have plans to launch 5,000 electric and compressed natural gas (CNG) vehicles within the first year of their partnership, and scale to 30,000 within 5 years.
Startups may be tightening their purses as funding slows, but Moove has been on full speed all year.
In February, it raised $10 million in debt financing, and less than a month later, in March, it announced a $105 million mega funding raise. Just last month, it received a $20 million investment in debt funding from the British International Investment (BII), the UK government’s Development Finance Institution (DFI).
With its $105 million funding in March, the startup announced its plans for global expansion to 7 new markets across Asia, the Middle East and North Africa (MENA).
Including India, Moove is now available in 9 countries—6 African countries, 2 Asian ones, and the UK.
Moove’s plans to provide cars to Indian drivers is super important as the country has low vehicle ownership: only 1 in 12 households own a car. Its plan to make 60% of all its vehicles electric or CNG-based also matches India’s ambitions to reduce its harmful emissions by 45% by 2030. Looks like a win-win for everybody.
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African fintech Moove in US$105 million funding round
