Stride Ventures has led a $10 million debt round for the mobility fintech company Moove. This represents the fintech’s first debt financing from an outside source in India.
According to a press release from Moove, the money will be utilized to expand the company’s reach throughout the nation by bringing it to new cities like Delhi, Pune, and Kolkata. The company plans to increase the number of vehicles in its fleet, reaching over 5,000 altogether.
Centered in Gurugram Since its launch a year ago, Moove has already made a significant impact in Hyderabad, Mumbai, and Bengaluru.
Moove, founded in 2020 by Jide Odunsi and Ladi Delano, has been revolutionizing global mobility by integrating alternative credit-scoring technology into ride-hailing platforms. Due to this, the business is now able to underwrite loans for clients who have historically been denied access to financial services.
The brand asserts that it is Uber’s largest global fleet partner and its vehicle supply partner in EMEA, with operations in nine markets throughout Africa, the Middle East, Europe, and Asia. Moove-financed cars have now been used for more than 30 million trips worldwide.
