Mobility fintech startup Moove raises $10 mn to expand India footprint

NEW DELHI: Global mobility fintech startup Moove on Wednesday said it has raised $10 million in new debt funding from leading venture debt fund Stride Ventures to expand its India footprint.

The fresh capital will be utilised to scale the Indian fleet to over 5,000 and expand into new markets including Delhi, Pune and Kolkata, the startup said in a statement.

“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,” said Binod Mishra, Regional Managing Director, India and South Asia, Moove.

Gurugram-headquartered Moove has established its presence in Bengaluru, Mumbai and Hyderabad.

“Our alliance with Moove is set to transform vehicle ownership accessibility throughout India, marking a significant leap towards social and economic advancement,” said Apoorva Sharma, Managing Partner at Stride Ventures.

Operating in nine markets across Africa, the Middle East, Europe and Asia, Moove has emerged as Uber's top vehicle supply partner in Europe, the Middle East and Africa (EMEA) and its largest global fleet partner.

Currently, over 30 million trips have been completed in Moove-financed vehicles globally, said the startup.

The company uses technology and productivity data to build an integrated, revenue-based vehicle financing platform for mobility entrepreneurs in emerging markets around the world who have limited or no access to a vehicle or vehicle financing.