African Startup Moove Secures $10M Funding, Targets Indian Expansion

African Startup Moove Secures $10M Funding, Targets Indian Expansion

By Staff Writer, 18 February 2024

Moove, a pioneering startup in the African vehicle financing sector, has successfully secured $10 million in debt funding from Stride Ventures, a renowned venture debt fund known for its sector-agnostic approach.

Related: Financial Inclusion for Mobility Entrepreneurs

Having made its debut in the Indian market back in 2023, Moove has revealed that this fresh injection of funds will be instrumental in bolstering its market presence and facilitating expansion into key cities such as Delhi, Pune, and Kolkata.

Presently, the mobility company operates in Bengaluru, Mumbai, and Hyderabad within India.

Competing in the Indian market, Moove finds itself up against established players like OTO Capital, Revfin, Turno, and Ascend Capital.

This funding signals Moove's strategic positioning to navigate and excel in the competitive landscape of India's vehicle financing industry.

Source: Grace Ashiru / Tech in Africa

Read More about Moove's Journey in this Spotlight Feature

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