Moove, a fintech startup focusing on global mobility, announced a significant milestone on Wednesday, securing $10 million in fresh debt funding from the reputable venture debt fund, Stride Ventures. This injection of capital is earmarked for bolstering Moove's presence in India, with plans to expand its fleet to exceed 5,000 vehicles and venture into new markets such as Delhi, Pune, and Kolkata.
According to a statement released by the startup, this funding round aims to leverage the momentum gained by completing over 4.2 million trips, a feat that has had a substantial impact on India's mobility landscape. Binod Mishra, Moove's Regional Managing Director for India and South Asia, expressed optimism about the collaboration with Stride Ventures, emphasizing their shared vision of revolutionizing vehicle ownership on a national scale.
Headquartered in Gurugram, Moove has already solidified its operations in key Indian cities like Bengaluru, Mumbai, and Hyderabad. Apoorva Sharma, Managing Partner at Stride Ventures, highlighted the transformative potential of their partnership with Moove, envisioning enhanced accessibility to vehicle ownership as a driver for societal and economic progress across India.
Moove's global footprint extends across nine markets spanning Africa, the Middle East, Europe, and Asia. Notably, it has secured its position as Uber's premier vehicle supply partner in Europe, the Middle East, and Africa (EMEA), as well as its largest fleet partner globally. With over 30 million trips completed in Moove-financed vehicles worldwide, the startup has demonstrated its ability to address the mobility needs of diverse markets.
At the core of Moove's business model lies the integration of technology and productivity data, enabling the creation of a holistic, revenue-driven vehicle financing platform. This platform caters to mobility entrepreneurs in emerging markets who face barriers in accessing vehicles or vehicle financing, thereby facilitating economic empowerment and fostering entrepreneurship on a global scale.
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