Moove, A Nigerian Mobility startup has raised a debt funding of $10 million.
The startup raised the new funds from Stride Ventures, a sector-agnostic venture debt fund.
The mobility company said that it will use the new fund to strengthen its presence in the Indian market and expand operations to new cities, such as Delhi, Pune, and Kolkata.
Moove entered India in 2023 and currently operates in Bengaluru, Mumbai, and Hyderabad.
According to the company, most of its vehicles in India are registered with Uber, and they have completed over 30 million trips on the platform.
Last year, Uber collaborated with Moove to deploy approximately 25,000 electric vehicles for its operations in India .
Speaking about Moove’s growth in India, Binod Mishra, Moove’s Regional Managing Director, mentioned that the startup has significantly impacted the country’s mobility industry.
He added that Strida Ventures ‘s support will help the startup move its vision forward.
He said
“With the robust support of Stride Ventures, we stand on the cusp of transforming vehicle ownership nationwide, propelling our mission forward,” he added.
Jide Odunsi and Ladi Delano launched Moove in 2020.
The startup offers vehicle financing for transportation business owners across all sectors of the mobility market.
This includes ride-hailing, logistics, mass transit, and instant delivery platforms.
It uses technology and productivity data to build an integrated vehicle financing platform for mobility entrepreneurs.
Moove is now available in nine markets throughout Africa, Europe, Asia, and the Middle East.
The company shares the Indian market with competitors including OTO Capital, Revfin, Turno, and Ascend Capital.
