Moove secures $10M debt funding from Stride Ventures

Mobility fintech startup Moove has secured $10 million in debt funding from Stride Ventures for India operations.

The Gurugram-based startup said it will use the funds to expand to new cities such as Delhi, Pune, and Kolkata. It will also increase it's fleet size to 5,000 cars.

"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," Binod Mishra, Regional Managing Director, India and South Asia, Moove, said.

Established in 2020 in Africa, Moove is a mobility fintech startup that provides vehicle financing to drivers of ride-hailing platforms. The startup was founded by British-born Nigerians Ladi Delano and Jide Odunsi.

Moove's business model allows drivers to access loans to buy or rent cars, and the company deducts weekly rental fees from their earnings before transferring the balance to their accounts. The loans are typically between 12 and 48 months, and once repaid, the drivers own the cars. According to the company, their cars have completed over 4.2 million trips.