Moove Raises $10M for India Ride-Sharing Fleet Expansion

🚗 Moove, a mobility fintech startup from Africa, secured $10 million in debt funding from Stride Ventures to expand in India.

🌏 Moove plans to use the funds to strengthen its presence in India and expand to new cities like Delhi, Pune, and Kolkata, in addition to Bengaluru, Mumbai, and Hyderabad where it currently operates.

💳 Established in 2020, Moove provides vehicle financing for mobility entrepreneurs using alternative credit sourcing technology.

📈 Moove’s vehicles in India, many registered with Uber, have completed over 30 million trips, impacting the country’s mobility sector significantly.

🤝 Uber partnered with Moove to deploy over 25,000 electric vehicles in India.

🇮🇳 Moove aims to increase its fleet to over 5,000 vehicles in India to strengthen its presence.

🌐 Moove operates in nine markets across the Middle East, Africa, Europe, and Asia.

💰 Competitors like OTO and Revfin are also securing funding for expansion, indicating a growing car loan market in India, expected to reach $14.87 billion by 2027.

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