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Moove Secures $10 Million in Debt Funding from Stride Ventures

New Delhi: Moove, a mobility fintech company, has successfully raised $10 million in debt funding from Stride Ventures, marking its first external debt financing in India. The infusion of capital will be utilized to bolster Moove’s presence across the country, including expansion into new cities like Delhi, Pune, and Kolkata. 

With plans to increase its fleet size to surpass 5,000 vehicles, Moove aims to solidify its footprint in India, building upon its existing strong presence in Bengaluru, Mumbai, and Hyderabad, where it has operated for a year. 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 enables Moove to extend loans to customers who have historically been marginalized from accessing financial services. 

Operating in nine markets spanning Africa, the Middle East, Europe, and Asia, Moove claims to be Uber’s vehicle supply partner in EMEA (Europe, the Middle East, and Africa) and its largest global fleet partner. To date, Moove-financed vehicles have completed over 30 million trips worldwide.

With plans to increase its fleet size to surpass 5,000 vehicles, Moove aims to solidify its footprint in India, building upon its existing strong presence in Bengaluru, Mumbai, and Hyderabad, where it has operated for a year. 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 enables Moove to extend loans to customers who have historically been marginalized from accessing financial services. 

Operating in nine markets spanning Africa, the Middle East, Europe, and Asia, Moove claims to be Uber’s vehicle supply partner in EMEA (Europe, the Middle East, and Africa) and its largest global fleet partner. To date, Moove-financed vehicles have completed over 30 million trips worldwide.

Tags: BFSI