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Moove Raises $10 Million In Debt Funding From Stride Ventures

African mobility fintech start-up, Moove utilises its alternative credit-sourcing technology to offer vehicle financing to mobility entrepreneurs.

Moove Raises $10 Million In Debt Funding From Stride Ventures

Outlook Start-Up Desk

POSTED ON February 14, 2024 6:04 PM

African mobility fintech start-up, Moove has secured $10 million in new debt funding for India from Stride Ventures to expand its operations in the country.  

The start-up started its operations in the year 2023 and plans to use this capital infusion to expand its presence in 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. 

Binod Mishra, regional managing director, of India and South Asia Moove, said, "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. Our vehicles have completed over 4.2 million trips, significantly impacting India's mobility sector. With the robust support of Stride Ventures, we stand on the cusp of transforming vehicle ownership nationwide, propelling our mission forward" 

Apoorva Sharma managing partner at Stride Ventures highlighted the transformative impact of their partnership with Moove, "At Stride, we're supporting companies that are crafting impact-driven models within the country, especially organisations like Moove, known globally for their inclusive business framework in the fintech and mobility industry." 

Established in 2020, Moove operates in 9 markets across Africa, the Middle East, Europe, and Asia.

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