Mobility fintech Moove, which is Uber’s largest vehicle supply partner in EMEA, is launching in India as a part of its global expansion.
Moove, which provides revenue-based financing to mobility entrepreneurs, has expanded from its African roots to Mumbai, Hyderabad, and Bangalore to provide accessible vehicle financing to driver partners on Uber’s platform.
In what will be one of Uber India’s largest vehicle partnerships, Moove will be launching 5,000 EV and CNG vehicles within the first year, with plans to scale to 30,000 over the next five years, creating sustainable employment opportunities in a rapidly developing economy.
Half of the world’s 1,1-billion gig workers are denied access to financial services and lack access to credit because traditional banks rely on historical data to underwrite their loans. In emerging markets across Africa, Asia and MENA, poor credit penetration is restricting the ability of millions of people from buying new vehicles – India has extremely low vehicle ownership with less than 25 per 1,000 people compared to Europe where it is 600+ per 1000 people.
Founded in 2020, Moove was launched to democratise access to vehicle ownership. It is leading this charge in the ‘mobility fintech sector’, a white space created by Moove which is solving the challenge of limited access to vehicle financing for millions of people in emerging markets. To do this, the company leverages proprietary performance and revenue analytics to underwrite loans to customers who have previously been excluded from financial services. Over the past two years, Moove has enabled sustainable job creation and a path to asset ownership with its customers having completed over 5 million trips in Moove-financed vehicles.
The company is now bringing its impact-led model to India, its first expansion outside of Africa, as part of its mission to close the finance gap for mobility entrepreneurs globally. Similar to sub-Saharan Africa, Moove’s innovative model will help thousands of drivers return to work, by putting 5,000 vehicles on the road within the first year, with the intent of scaling to 30,000 vehicles and becoming Uber India’s mega-fleet partner across 300 cities over the next five years.
Moove aims to be a global leader in the electrification of ride-hailing and mobility with a commitment to ensuring that 60% of the vehicles it finances globally are hybrid or electric. India has recently set targets for improving renewable energy uptake and reducing harmful emissions by 2030, creating the perfect market opportunity for Moove to provide accessible financing for fuel-efficient and electric vehicles.
Ladi Delano, co-founder and co-CEO at Moove, comments: “As our first global expansion outside of Africa, launching in India is a very special moment for the whole Moove team.
“We’re excited to be expanding our revenue-based vehicle financing model to enable the sustainable creation of jobs across the country, where there are some of the lowest vehicle ownership rates in the world, in part because of the lack of access to credit. We are delighted to be expanding our Uber partnership to solve this problem for our new customers in India.”
Binod Mishra, Regional GM for South Asia at Moove, says: “We’re looking forward to working closely with the Uber India team to roll out Moove’s innovative platform, starting in Mumbai, Hyderabad and Bangalore, and scaling up to many more cities over the next five years.”
Abhilekh Kumar, Director, Business Development, Uber India South Asia, says: “This partnership is aimed at enabling access to vehicles among mobility entrepreneurs at a time when capital availability is the key issue. The Moove team has created an innovative “rent to own” model that can fundamentally transform vehicle ownership in the country. We’re excited about their potential to unlock sustainable livelihood creation by removing the existing barriers to ownership. It’ll help drivers to seamlessly grow their own businesses and create a more sustainable mobility infrastructure in India. With demand from riders higher than ever in India, we’re looking forward to partnering with Moove to ensure we can provide an unparalleled experience to both drivers and riders on our platform in our top markets.”