Nigerian Mobility Fintech Moove Receives USD 10 M For India Expansion

African mobility fintech start-up, Moove has secured USD 10 M in new debt funding for India from Stride Ventures to expand its operations in the country. The mobility company, which entered India in 2023, states the new fund will help it strengthen its presence in the Indian market and expand operations to new cities, such as Delhi, Pune, and Kolkata. The company is planning to expand its fleet, bringing the total number of vehicles to more than 5,000. Headquartered in Gurugram, the company has established a strong presence in Bengaluru, Mumbai, and Hyderabad since launching a year ago. 

Moove embeds its alternative credit-scoring technology onto ride-hailing and e-logistics platforms, allowing mobility entrepreneurs access to proprietary performance and revenue analytics to underwrite loans. Its model is to provide loans to its customers by selling them new vehicles and financing up to 95 percent of the purchase within five days of signing up.