Auto finance start-up Moove on Monday announced its entry into the Indian market with the launch of operations in Mumbai, Hyderabad and Bangalore.
The company, which is Uber’s largest vehicle supply partner in Europe, the Middle East and Africa, has launched operations in the country as part of its global expansion.
Nigerian-born global startup Moove provides revenue-based financing to mobility entrepreneurs.
The startup offers vehicle financing accessible exclusively to drivers on the Uber platform.
“We are excited to expand our revenue-based vehicle financing model to enable sustainable job creation across the country, where vehicle ownership rates are among the lowest in the world, in part due to the lack of access to credit.
“We are excited to extend our partnership with Uber to solve this problem for our new customers in India,” Moove co-founder Ladi Delano said in a statement.
Moove is bringing its impact-driven model to India, its first expansion outside of Africa, as part of its mission to bridge the funding gap for mobility entrepreneurs globally, the company said.
The company aims to be a global leader in ride-hailing and mobility electrification with a commitment to ensure that 60% of the vehicles it finances globally are hybrid or electric, he added.
Backed by some of the world’s leading investors, Moove has raised over $200 million to date, across 13 markets on three continents, and its clients have made over $5 million.