Mobility-focused fintech platform Moove has raised $10 million in venture debt funding from Stride Ventures at a time when both equity and debt investors are doubling down on investments in the mobility and electric vehicle (EV) sector.
The firm plans to utilise the funds to strengthen its presence in the country by expanding into new cities such as Delhi, Pune and Kolkata.
"With a focus on continued growth in the Indian market, the company plans to expand its fleet, bringing the total number of vehicles to more than 5,000," the firm stated in a media release on February 14.
Binod Mishra, regional managing director, India and South Asia, Moove, said, "We're delighted to announce our partnership with Stride Ventures, marking our first-ever debt facility in India. Being supported by such a premier investor not only validates Moove’s impact-driven model and growth potential but also paves the way for an additional revolving line of credit amounting to $10 million"
"Our vehicles have completed over 4.2 million trips, significantly impacting India's mobility sector. With the robust support of Stride Ventures, we stand on the cusp of transforming vehicle ownership nationwide, propelling our mission forward," he added.
Established in 2020, Moove has been a pioneering force in transforming global mobility by integrating alternative credit-scoring technology into ride-hailing platforms.
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