Uber, the global ride-hailing giant, has pledged its support for Moove, a Nigerian-based vehicle financing platform, in its ambitious effort to secure a $100 million funding round, as revealed by an anonymous source to Bloomberg.

The anticipated funding round is expected to boost Moove's valuation from $650 million to a notable $750 million. While the exact amount to be raised fluctuates between $75 million and $100 million, this initiative marks a significant phase in the ongoing collaboration between Uber and Moove that began in 2020, aiming to facilitate flexible vehicle ownership solutions for Uber drivers.

Details of the funding have not been publicly disclosed by either Uber or Moove. However, if successful, this investment would elevate Moove's total funding to an impressive $335 million since its inception. Notably, Moove recently secured $10 million in debt financing from Stride Ventures to expand its operations in India, following a $76 million funding round six months prior aimed at broadening its operational footprint.

Moove’s co-founders; Jide Odunsi (L) and Ladi Delano (R)

Moove's strategic focus includes strengthening its presence in India, where it currently operates in cities such as Mumbai, Hyderabad, and Bengaluru. Uber has also collaborated with Moove in India, providing electric vehicles to Uber drivers, underscoring the synergies between the two companies.

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Despite facing challenges, including lay-offs after raising $140 million and encountering driver protests, Moove continues to innovate in the vehicle-financing sector. CEO Ladi Delano, in a statement, highlighted the company's intention to consolidate its position in profitable markets like the UAE, India, the UK, and South Africa over the coming year.

Moove's Innovative Approach to Ride-Hailing and Vehicle Financing

Moove is distinguishing itself through innovative technology integration, significantly enhancing the ride-hailing experience for drivers and passengers alike. By adopting smart fleet management technologies, the company optimizes vehicle performance and maintenance, ensuring efficiency and reliability.

Moove

In India, Moove leverages data analytics to improve route optimization, demand prediction, and personalize user experiences. The platform's user-friendly interface streamlines operations from onboarding to payment, prioritizing ease of use and functionality.

Moreover, Moove utilizes AI in customer support, employing chatbots for immediate assistance, thereby improving user engagement and operational efficiency. The company's commitment to environmental sustainability is evident in its adoption of electric vehicles, aligning with global carbon reduction goals.

As Moove continues to explore new technologies, including autonomous vehicles and predictive analytics, it remains at the forefront of innovation in the transportation sector, redefining the future of mobility and vehicle financing.