On-demand Transportation provider company Uber and a vehicle financing startup, Moove all set to bring their Hybrid/EV vehicle financial services at a lower cost in India.

Moove was founded in 2020 and is the largest vehicle supply partner of Uber. The company supplies vehicles in Europe, the Middle East, and Africa (EMEA) markets.

Soon Uber will introduce Moove in India to help people buy new vehicles using a percentage of their weekly revenue, first in Mumbai, Bengaluru, and Hyderabad, and become its driver-partners.

Mobility fintech Moove installs its elective credit scoring innovation onto ride-hailing platforms and uses restrictive execution and income investigation to endorse advances to drivers who have recently been rejected from financial services.

Moove expects to send off 5,000 CNG and electric vehicles within the initial year and plans to scale to 30,000 over the course of the following five years in India.

“Moove has created an innovative rent to own” model that provides a flexible option for drivers who want to get into the business of ride-hailing without having to borrow from car owners or take bank loans to finance cars brought from dealerships,” said Abhilekh Kumar, Director, Business Development, Uber India South Asia.

“The addition of new cars will help provide superior customer experience to riders while creating sustainable earning opportunities for drivers on the Uber platform,” Kumar added.

The startup recently raised $105 million to expand business across new markets in Asia and Europe.

On 14 March, the Africa-based startup raised $105 million funding which the company will use for market expansion across Asia and Europe.

With more than 600,000 drivers on Uber in India, the involvement of Moove in India will open a chance for the company to access financing for thousands of drivers.

“We’re excited to be expanding our revenue-based vehicle financing model to enable the sustainable creation of jobs across the country, where there are some of the lowest vehicle ownership rates in the world, in part because of the lack of access to credit,” said Ladi Delano, co-founder, and co-CEO at Moove.

Moove plans to be a worldwide forerunner in the jolt of ride-hailing and mobility with a promise to guarantee that 60% of the vehicles it funds universally are hybrid or electric vehicles.

(Inputs from IANS)