Moove, the world’s first mobility fintech and Uber’s largest vehicle supply partner in EMEA, has inked a deal with Uber in India to provide auto financing for drivers in the country.
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.
The fintech startup says that vehicle ownership in India is “extremely low” with less than 25 people per 1,000 owning a vehicle, compared to more than 600 in Europe.
The start-up said it expects to finance 30,000 vehicles across India over the next five years.
This venture follows Moove’s recent fund raise of $20 million received from Absa Corporate and Investment Banking (CIB), boosting its total funding raised since inception in 2020, to over $200 million.
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