Under the deal, Moove will provide financing for 5,000 electric and compressed natural gas vehicles over the next year to Uber drivers in Mumbai, Hyderabad and Bangalore.
Moove was founded in 2020 and raised $105 million earlier this year to provide auto financing for gig economy drivers that it says are typically excluded from traditional financial services. The start-up initially launched in several African countries and is now expanding its business into Asia and other emerging markets.
The start-up said it expects to finance 30,000 vehicles across India over the next five years.
“We’re excited to be expanding our revenue-based vehicle financing model to enable the sustainable creation of jobs across the country, where there are some of the lowest vehicle ownership rates in the world, in part because of the lack of access to credit,” Moove co-chief executive Ladi Delano said.
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“We’re excited about [Moove’s] potential to unlock sustainable livelihood creation by removing the existing barriers to ownership. It’ll help drivers to seamlessly grow their own businesses and create a more sustainable mobility infrastructure in India,” Kumar said.
Moove also plans to expand into Europe.
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