Moove Raises USD 10 Million In Debt Funding From Stride Ventures

Opportunity India Desk
Opportunity India Desk Feb 16 2024 - 2 min read
Moove Raises USD 10 Million In Debt Funding From Stride Ventures
Capital will be utilized to scale the Indian fleet to over 5,000 and expand into new markets including Delhi, Pune, and Kolkata.

Moove, the world's first mobility fintech has announced that it has secured USD10 million in new debt funding for India from Stride Ventures, the largest venture debt fund in the country. This marks the fintech’s maiden debt funding from an external party in India and solidifies Moove’s commitment to democratising vehicle ownership for mobility entrepreneurs.

The capital will be deployed to strengthen Moove’s presence in the country by expanding into new cities such as Delhi, Pune, and Kolkata. With a focus on continued growth in the Indian market, the company will expand its fleet, bringing the total number of vehicles to more than 5,000.

With the India business headquartered in Gurgaon, Moove has already established a strong presence in Bengaluru, Mumbai, and Hyderabad since launching a year ago.

Binod Mishra, Regional Managing Director, India and South Asia, Moove said, “We’re delighted to announce our partnership with Stride Ventures, marking our first-ever debt facility in India. Being facilitated by such a premier investor not only validates Moove’s impact-driven model and growth potential but also paves the way for an additional revolving line of credit amounting to USD10 million. 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.”

Apoorva Sharma Managing Partner at Stride Ventures highlighted the transformative impact of their partnership with Moove, “At Stride, we’re supporting companies that are crafting impact driven models within the country, especially organizations like Moove, known globally for their inclusive business framework in the fintech and mobility industry. Our alliance with Moove is set to transform vehicle ownership accessibility throughout India, marking a significant leap towards social and economic advancement.”

Established in 2020, Moove has been a pioneering force in transforming global mobility by embedding alternative credit-scoring technology onto ride-hailing platforms. This enables the company to underwrite loans for customers who have traditionally faced exclusion from financial services. Operating in nine markets across Africa, the Middle East, Europe, and Asia, Moove has emerged as Uber's 1 vehicle supply partner in EMEA and its largest global fleet partner. Currently, over 30 million trips have been completed in Moove-financed vehicles globally.

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