Mobility fintech firm Moove has raised $10 million in debt round from Stride Ventures. This marks the fintech’s maiden debt funding from an external party in India.
The proceeds will be used to strengthen Moove’s presence in the country by expanding into new cities such as Delhi, Pune, and Kolkata, Moove said in a press release. The firm will expand its fleet, bringing the total number of vehicles to more than 5,000.
Gurugram-based Moove has already established a strong presence in Bengaluru, Mumbai, and Hyderabad since launching a year ago.
Started by Ladi Delano and Jide Odunsi, in 2020, Moove has been 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, the brand claims to be Uber’s vehicle supply partner in EMEA and its largest global fleet partner. Currently, over 30 million trips have been completed in Moove-financed vehicles globally.
