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Stride Ventures leads a $10 million loan round for Moove.

Updated: Feb 15

Stride Ventures has led a $10 million debt round for the mobility fintech company Moove. This represents the fintech's first loan financing from an outside source in India.


According to a news statement from Moove, the money will be utilized to expand the company's reach throughout the nation by bringing it to new locations including Delhi, Pune, and Kolkata. The company plans to increase the number of vehicles in its fleet, reaching over 5,000 altogether.


centered in Gurugram Since its introduction a year ago, Moove has already had a significant impact in Hyderabad, Mumbai, and Bengaluru.


Since its founding in 2020 by Ladi Delano and Jide Odunsi, Moove has revolutionized global mobility by integrating substitute credit-scoring technologies into ride-hailing networks. This makes it possible for the business to underwrite loans for clients who have historically been denied access to financial services.


The company, which has operations in nine locations in Africa, the Middle East, Europe, and Asia, bills itself as Uber's largest worldwide fleet partner and its EMEA vehicle supply partner. Globally, more than 30 million trips have been made in cars that Moove has subsidized.


 

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