Uber’s largest vehicle supply partner in EMEA, Moove, has confirmed plans to launch in India in an effort to grow its international presence. The move follows similar introduction in Mumbai, Hyderabad and Bangalore, a press release stated.
“We’re looking forward to working closely with the Uber India team to roll out Moove’s innovative platform, starting in Mumbai, Hyderabad and Bangalore, and scaling up to many more cities over the next five years,” Binod Mishra, regional GM for South Asia at Moove, said.
In hopes of launching 5,000 CNG and electric vehicles during its first year, the company plans to scale to 30,000 vehicles over the course of the next five years to create sustainable work opportunities as the company continues to develop.
“As our first global expansion outside of Africa, launching in India is a very special moment for the whole Moove team," Ladi Delano, co-founder and co-CEO at Moove, said. "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. We are delighted to be expanding our Uber partnership to solve this problem for our new customers in India.”
Since launching, the company has garnered over 600,000 Uber drivers in India alone. Offering vehicle financing opportunities to mobility entrepreneurs interested in making vehicle-related transactions using a portion of their weekly revenue, Moove was initially established in 2020 by Uber in an effort to “democratize access to vehicle ownership.”
Moove uses its credit scoring technology, and revenue analytics to underwrite loans to drivers who were previously deprived of financial services. Over the course of the last two years, the company has established a system to create jobs and asset ownership, connecting customers with more than 5 million trips across four countries.
“Moove is now bringing its impact-led model to India, its first expansion outside of Africa, as part of its mission to close the finance gap for mobility entrepreneurs globally,” a recent press release states.
The move serves as one of Moove’s efforts to offer 60% of its vehicle units around the globe in either hybrid or electric form. Its focus on India derives from the country’s efforts to improve its renewable energy and reduce harmful emissions by 2030, two goals that correlate with Moove’s fuel efficient and electric vehicle finance offerings.
"Moove has created an innovative 'rent to own' model that provides a flexible option for drivers who want to get into the business of ride hailing without having to borrow from car owners or take bank loans to finance cars brought from dealerships,” Abhilekh Kumar, director, business development, Uber India South Asia, said. “We are excited to partner with Moove and work together to unlock growth as we witness a resurgent post-pandemic demand in India. The addition of new cars will help provide superior customer experience to riders while creating sustainable earning opportunities for drivers on the Uber platform."