Public transport company Uber announced on Monday that it will be bringing Moove, its largest vehicle supplier partner in the European, Middle East and African (EMEA) markets, to India to help people buy new vehicles using a percentage of their weekly income, first in Mumbai, Bengaluru. and Hyderabad, and became its driver partner.
Founded in 2020, mobility fintech Moove embeds its alternative credit scoring technology on its ridesharing platform and leverages proprietary performance and revenue analytics to underwrite loans for drivers previously excluded from financial services.
Moove aims to launch 5,000 CNG and electric vehicles in the first year and plans to grow to 30,000 vehicles over the next five years in India.
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“Moove has created an innovative rent-to-own model that provides flexible options for drivers who want to get into people’s transport without having to borrow from car owners or take out bank loans to finance cars purchased at dealerships,” said Abhilekh Kumar, business development manager. for Uber India South Asia.
“The addition of new cars will provide drivers with a superior customer experience while creating sustainable income opportunities for drivers on the Uber platform,” added Mr. Kumar.
The startup recently raised $105 million to expand into new markets in Asia and Europe.
With over 600,000 Uber drivers in India, this launch will allow Moove to provide financing that is accessible to thousands of drivers.
“We are excited to expand our revenue-driven vehicle financing model to enable sustainable job creation across the country, where vehicle ownership rates are among the lowest in the world, partly due to a lack of access to credit,” said Ladi Delano, co-founder and one of Moove’s CEOs.
Moove aims to be a global leader in the electrification of home transport and mobility by committing that 60% of the vehicles financed worldwide are hybrid or electric.
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