Moove raises $10 Mn in debt round from Stride Ventures


  • February 14, 2024
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    Moove, a mobility fintech company, raises $10 million in debt funding from Stride Ventures for expansion in India.

The investment will fuel Moove's expansion into new Indian cities, strengthening its fleet to over 5,000 vehicles and promoting financial inclusion through innovative credit assessment technology.

Mobility fintech company Moove has secured $10 million in debt funding from Stride Ventures, marking its inaugural external debt investment in India.

The raised capital will fuel Moove's expansion efforts within the country, with plans to penetrate new markets like Delhi, Pune, and Kolkata, as stated in a press release by the company. This expansion initiative will see an increase in Moove's fleet size, aiming to surpass 5,000 vehicles.

Having made significant strides in Bengaluru, Mumbai, and Hyderabad within just a year of its inception, Moove, headquartered in Gurugram, has solidified its presence in key Indian cities.

Founded by Ladi Delano and Jide Odunsi in 2020, Moove has been revolutionizing global mobility by integrating alternative credit assessment technology into ride-hailing platforms. This innovation allows the company to extend loans to individuals who have traditionally been underserved by conventional financial institutions.

With operations spanning across nine markets in Africa, the Middle East, Europe, and Asia, Moove boasts being Uber's primary vehicle supplier in the EMEA region and its largest fleet partner worldwide. To date, Moove-financed vehicles have completed over 30 million trips globally.

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