In a strategic move prompted by its collaboration with Mubadala, Moove has shifted its headquarters to the UAE, marking a significant milestone for the mobility company.
Uber’s investment in Moove, its inaugural African-founded startup, underscores its commitment to cultivating a reliable pool of drivers for its ride-hailing platform. This development not only validates Moove’s business model but also strengthens the burgeoning partnership between the two entities.
With the infusion of capital, Moove’s post-investment valuation has surged to an impressive $750 million, reflecting the confidence investors have in its growth potential.
Recently, Moove secured additional funding, building upon its $10 million debt funding from Stride Ventures. This financial boost aims to bolster Moove’s foothold in the Indian market and facilitate expansion into new urban hubs such as Delhi, Pune, and Kolkata.
Strategically positioning itself for market expansion, Moove currently operates in 13 cities across six countries, including Nigeria, South Africa, Ghana, the United Kingdom, India, and the United Arab Emirates. With the influx of fresh capital, Moove aims to extend its revenue-driven vehicle financing platform to 16 markets by the conclusion of 2025.
Founded in 2020 by Jide Odunsi and Ladi Delano, Moove provides innovative vehicle financing solutions tailored for entrepreneurs in the transportation sector. Leveraging alternative credit sourcing technology and productivity data, Moove supports businesses across ride-hailing, logistics, mass transit, and instant delivery platforms.
Employing a dual approach to vehicle financing, Moove acquires vehicle fleets and subsequently sells them to drivers through its platform. Utilizing its proprietary software, Moove offers financing to drivers via a credit-scoring system, streamlining the vehicle acquisition process for delivery, logistics, and ride-hailing purposes.
Moove offers an array of vehicles, including traditional models like Toyotas and Suzukis, alongside electric vehicles such as Teslas. Drivers allocate a portion of their weekly earnings towards vehicle payments.
Since expanding beyond Africa in 2021, Moove has strategically integrated electric vehicles (EVs) into its operations, managing substantial EV fleets in the UAE and the UK, with plans to introduce over 20,000 EVs on Uber in India.
While prioritizing expansion into new markets with a focus on EVs, Moove may experience delays in implementing initiatives for African customers due to challenges like inadequate road conditions and unreliable power supply. The company is exploring alternative strategies, including the potential utilization of natural gas vehicles in specific locations.
Ladi Delano emphasizes Moove’s commitment to spearheading electrification efforts in the UK and the UAE, while pioneering the transition to compressed natural gas (CNG) vehicles in Nigeria. The company aims to mitigate the adverse impact of rising fuel costs on its customers’ financial performance by preparing the Nigerian market for this transition.
Looking ahead, Moove plans to increase investments in key markets across Africa, Europe, and Asia, while expanding its presence in Southeast Asia and Latin America in the near future.
