Mobility fintech startup Moove raises $10 million in debt from Stride Ventures

Mobility fintech firm Moove has raised $10 million in a debt funding round from Stride Ventures. Notably, this is Moove's first external debt funding in India. 

With this capital, The startup aims to expand its operations into new Indian cities, including Delhi, Pune, and Kolkata, and increase its fleet size to over 5,000 vehicles.

Expanding footprints and fleet

Since its inception in Bengaluru, Mumbai, and Hyderabad a year ago, Moove has made a notable impact in India's mobility sector. The firm plans to use the funds to strengthen its presence across the country. The expansion is not just geographical but also includes scaling up the fleet to cater to a growing demand for mobility solutions.

What does Moove do?

Founded in 2020 by Ladi Delano and Jide Odunsi, Moove is driven by a mission to transform global mobility. By embedding alternative credit-scoring technology onto ride-hailing platforms, Moove provides financial services to those traditionally excluded.

The startup's approach has made it Uber’s top vehicle supply partner in the EMEA region and its largest global fleet partner.

Facilitated over 30 million trips

The startup claims to have facilitated over 30 million trips in Moove-financed vehicles worldwide, with over 4.2 million of those in India.

Binod Mishra, regional managing director, India and South Asia, Moove, said, "We're delighted to announce our partnership with Stride Ventures, marking our first-ever debt facility in India. Being supported by such a premier investor not only validates Moove’s impact-driven model and growth potential but also paves the way for an additional revolving line of credit amounting to $10 million"

"Our vehicles have completed over 4.2 million trips, significantly impacting India's mobility sector. With the robust support of Stride Ventures, we stand on the cusp of transforming vehicle ownership nationwide, propelling our mission forward," he added

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