Moove, a Nigerian mobility startup, secures $10 million in debt funding from Stride Ventures, a sector-agnostic venture debt fund.
Moove, founded by Jide Odunsi and Ladi Delano in 2020, provides vehicle financing for transportation businesses. The company has expanded into India and is focused on increasing its presence in cities like Delhi, Pune, and Kolkata.
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Currently operating in Bengaluru, Mumbai, and Hyderabad, Moove primarily registers its vehicles with Uber and aims to grow its fleet to over 5,000 cars to strengthen its position in the Indian market. Competitors in India include OTO Capital, Revfin, Turno, and Ascend Capital.
In 2023, Moove collaborated with Uber to deploy around 25,000 electric vehicles in India for ride-sharing. Ascend Capital revealed plans to raise funds for financing over 1 million electric commercial vehicles by 2030, and OTO secured $10 million in funding led by Japanese GMO Venture Partners.
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