Energy
Tuesday, August 9th, 2022 7:50 am EDT
Moove, the world’s first mobility fintech, launches in India as a part of its global expansion. According to its website, Moove is a Nigerian-born global startup founded by Ladi Delano and Jide Odunsi in 2020. Jide Odunsi, British-born Nigerian, is a former investment banker at Goldman Sachs and former management consultant at McKinsey. Ladi Delano is a British-born Nigerian entrepreneur who has founded and exited several businesses in Africa and Asia.
Moove was founded in response to the challenge faced by over 2 million African mobility entrepreneurs — the lack of access to vehicle financing. Lack of affordable vehicle financing is a big issue on the continent. Moove set out to solve this problem in Lagos, but soon found out that this was a widespread problem and quickly expanded its operations to 6 cities across Africa. Moove is Uber’s largest vehicle supply partner in the EMEA region.
Moove is now taking its revenue-based financing model globally to serve the millions of mobility entrepreneurs in emerging markets around the world who have limited or no access to a vehicle or vehicle financing. Moove’s mission to drive productivity and success for the world’s mobility entrepreneurs by democratizing access to vehicle ownership has now seen it enter the Indian market.
Moove will start with 3 cities, namely, Mumbai, Hyderabad, and Bangalore. 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. Moove will be launching 5,000 EV and CNG vehicles within the first year in India, and has plans to scale to 30,000 over five years. Moove is also partnering with Uber in India.
Moove’s press release adds:
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 6 million trips in Moove-financed vehicles.
Ladi Delano, co-founder and co-CEO at Moove, said, “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, said, “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, said, “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 “drive 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.”
Mobility fintech firms such as Moove are going to help transform the mobility space. In Africa for example, the levels of motorization are extremely low, and these platforms will help address this and play a role in addressing the myriad of challenges faced by commuters on the continent.
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