Moove raises $10 million in debt funding from Stride Ventures

Bengaluru India, 14 February 2024: Moove, the world's first mobility fintech, today announced that it has secured $10 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, stated, "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 $10 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 organisations 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 9 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.