Moove, an auto financing startup, has signed a deal with Uber in India to provide auto financing to the country’s drivers.
Moove will finance 5,000 electric and compressed natural gas vehicles for Uber drivers in Mumbai, Hyderabad, and Bangalore over the next year under the terms of the agreement.
Moove was founded in 2020 and recently raised $105 million in funding to provide auto financing for gig economy drivers who, according to the company, are typically excluded from traditional financial services. The company began operations in several African countries and is now expanding into Asia and other emerging markets.
It makes loans to drivers in low-vehicle-ownership markets to help them buy cars or bikes for their ride-hailing or delivery businesses.
Vehicle ownership in India is “extremely low,” according to Moove, with less than 25 people per 1,000 owning a vehicle, compared to more than 600 in Europe.