Moove Acquires Kovi

• Moove’s total global fleet now comprises 36,000 vehicles.
• As part of its long term strategy to meet growing demand, Moove will order no fewer than 15,000 vehicles annually across all its markets.
• The acquisition strengthens Moove’s ARR revenue to upwards of $275 Million (on a consolidated basis).
• Moove’s presence now spans 19 cities across 6 continents, showcasing its scale and reach as a global mobility leader.
• This acquisition strengthens Moove’s presence in LATAM, expanding its operational presence and economic impact in the region.
• Kovi’s proprietary IoT software and driver behaviour algorithm will strengthen Moove’s AI mobility strategy.

Dubai, January 29, 2025: Moove, a global leader in mobility with a vision to build the largest rideshare fleet and best-in-class technologies powering mobility platforms, has announced the acquisition of Kovi, an urban mobility provider headquartered in São Paulo.

This strategic acquisition aligns with Moove’s commitment to advancing mobility and expanding its footprint in the rapidly growing Latin American market. Launched in 2020, Moove has built the third side of mobility marketplaces by providing dedicated supply via Drive-to-Own, Taxi, and Autonomous fleets and continues to lead the transformation of mobility globally.

The acquisition increases Moove’s total global fleet to 36,000 vehicles and operations to 19 cities across 6 continents. It not only strengthens the company’s position as one of the world’s largest rideshare fleet operators, but incorporates Kovi’s proprietary IoT software and advanced driver behaviour algorithm, which complement Moove’s existing focus on safety and efficiency. These innovations will strengthen Moove’s AI mobility strategy, further advancing its position as a global leader in mobility and autonomous vehicle innovation, while also reinforcing its commitment to driving economic growth in Latin America.

Founded in 2018, Kovi has established itself as a pioneering force in making car ownership more accessible and efficient through innovative technology and financial solutions. With a robust fleet and a strong presence in Brazil and Mexico, Kovi has demonstrated impressive growth since inception. Its innovative approach to driver support and its strong foothold in Brazil bring significant value to Moove’s global operations, strengthening its ability to expand into high growth markets and drive impactful change in mobility.

Kovi's data-driven approach to vehicle management and user experience will complement Moove’s existing capabilities, enabling the company to offer superior services to its customers.

Ladi Delano, Co-Founder and Co-CEO of Moove, said:

“Kovi has built an impressive business with a robust presence in Brazil, one of the most dynamic mobility markets in the world. We’re thrilled to welcome them to the Moove family. This transaction not only strengthens our footprint in Latin America and reinforces our position as a dominant player in global mobility, but it also underscores our commitment to contributing to the Brazilian economy. Kovi’s proprietary IoT software and advanced driver behaviour models complement our existing capabilities, supporting our focus on safety, efficiency, and innovation in AI mobility.”

Adhemar Milani Neto, CEO of Kovi, said:

“Today, we stand at the forefront of a new era in mobility, and we believe that Moove has done a fantastic job at scaling their business on a global scale and with the right strategic angles. I met the founders many years back when they were scaling their business in Africa, and I was immediately impressed by their purpose-driven approach, which is also a perfect match to our culture. Together, I believe we will become a truly global category-defining business and will leverage scale and deep expertise never seen in our market. We are also excited to continue our expansion across LaTam now with robustness with such strong partners.”

The completion of the transaction is subject to customary closing conditions, including approval from the Brazilian antitrust authority.