Moove Raises $10 Million from Stride Ventures to Expand India Footprint
Global mobility fintech startup Moove announced on Wednesday that it has secured $10 million in new debt funding from prominent venture debt fund Stride Ventures, aimed at expanding its presence in India. The additional capital will be deployed to scale Moove's fleet to over 5,000 vehicles and extend operations to new markets, including Delhi, Pune, and Kolkata.
Binod Mishra, Regional Managing Director for India and South Asia at Moove, highlighted the impact the company has had on India's mobility sector, with over 4.2 million completed trips. He expressed confidence in transforming vehicle ownership nationwide with the support of Stride Ventures.
Apoorva Sharma, Managing Partner at Stride Ventures, emphasized the transformative potential of their alliance with Moove, describing it as a significant step towards enhancing accessibility to vehicle ownership across India.
Moove operates in nine markets globally, spanning Africa, the Middle East, Europe, and Asia. The startup has become Uber's top vehicle supply partner in Europe, the Middle East, and Africa (EMEA) and is the largest global fleet partner for the ride-hailing giant.
With over 30 million trips completed in Moove-financed vehicles globally, the company utilizes technology and productivity data to create an integrated, revenue-based vehicle financing platform. This platform caters to mobility entrepreneurs in emerging markets who face limited or no access to vehicles or vehicle financing.