Africa-based mobility FinTech Moove is partnering with rideshare and delivery platform Uber to drive expansion into India as part of Moove’s effort to grow its footprint around the globe, according to a Monday (July 25) press release.
Moove is planning to roll out 5,000 compressed natural gas (CNG) and electric vehicles in Mumbai, Hyderabad and Bangalore within the first year and plans to increase to more than 30,000 across the next five years, the release stated. The strategy is anticipated to create sustainable work opportunities, and the partnership could be one of Uber’s biggest mega fleet collaborations in India.
The startup strives to democratize access to vehicle ownership by embedding its alternative credit scoring technology onto ride-hailing platforms. Moove also aims to leverage proprietary performance and revenue analytics to underwrite loans to drivers who were excluded from financial services, the release stated.
Moove approaches vehicle financing using a percentage of the weekly revenue that drivers earn. The startup has also been able to sustain job creation and a path to asset ownership, according to the release.
“Moove has created an innovative ‘rent to own’ model that provides a flexible option for drivers who want to get into the business of ride-hailing without having to borrow from car owners or take bank loans to finance cars brought from dealerships,” said Abhilekh Kumar, director of business development for Uber India South Asia, in the release.
See also: Vehicle Financing Firm Moove Raises $20M
Founded in 2020 by Jide Odunsi and Ladi Delano, Moove recently raised more than $105 million in a Series A2 financing round to expand across new markets in Asia and Europe, according to the release.
Delano said in the release that Moove’s revenue-based vehicle financing model will help bring jobs to a place with one of the “lowest vehicle ownership rates in the world” due in part to lack of credit.
Read also: Mobility FinTech Moove Closes $10M Financing from NBK Capital
We’re always on the lookout for opportunities to partner with innovators and disruptors.
Learn More