Celebrating 1-year since Moove launched in Hyderabad & Mumbai
We are proud to celebrate Moove's first anniversary in India, recognising resounding success in establishing a solid presence and achieving remarkable milestones in the Indian market.
In 2022, Moove successfully launched its India operations in three supply deficit regions. We expanded to Hyderabad and Mumbai in July, established our India headquarters in Gurgaon, Delhi in October, and further expanded to Bangalore in December. The first ad campaign in India went live in August 2022, and by February 2023, we had already completed over 1 million trips in the country.
"In less than a year, Moove has enabled sustainable job creation and a path to asset ownership for its customers."Binod Mishra, Regional Manager, India SA
As the fastest-growing Uber fleet partner, we’ve scaled with remarkable speed to meet demand in our inaugural year. With an impressive fleet of over 1,500 vehicles acquired in just the first 10 months, we have reached an impressive milestone of growth on our 1st anniversary. We’re proud of our entrepreneurial and hard-working customers who have completed a staggering 2.3 million trips across Moove’s 3 markets in India. This has firmly established Moove as a dominant player in the Indian ride-hailing market.
Moove: Revolutionising Mobility in India with Unprecedented Growth
Moove's dedication to its drivers and customers has not gone unnoticed. Numerous testimonials from satisfied customers have praised us for our efficiency, reliability, and customer-centric approach. Approaching 2000 customers, we plan to launch an additional 5,000 cars this financial year, with an ambitious goal of scaling up to 10,000 vehicles over the next three years.
"I've been with Moove for 11 months. 2023 has been incredible for me, and I look forward to what the second half of this year holds.
The most exciting thing about being a Moove customer is the Health Insurance and Ownership Scheme. My life has changed since I joined the business. Also, I manage stress by taking frequent breaks.
The most important lesson I have learned throughout my career is that every situation is temporary; nothing is permanent.
I would recommend Moove to other drivers who don't know about us because it's a fantastic platform. As a matter of fact, I've already referred 2 !"
Gogulla Ramesh, Moove Customer in India.
Furthermore, we are set to strengthen our market presence by further expanding in India by the end of 2023. This expansion will enhance financial inclusion in India by providing increased access to convenient and affordable transportation solutions. It further strengthens Moove's pivotal role as a key player in the Indian mobility landscape, enabling more individuals to avail themselves of essential financial services.
This rapid growth can be attributed to our comprehensive ecosystem of support and incentives for drivers. We understand the importance of empowering our customers, and this philosophy is evident in our offering. Our customers benefit from advertising revenue share, weekly Moove incentives, comprehensive vehicle and health insurance, as well as access to vehicles at the market's lowest daily repayments, all ensuring that our customers are well-supported & motivated, and as mobility entrepreneurs, they are able to provide exceptional service to their passengers.
Globally, our commitment to sustainability is steadfast. Our aim is to have 60% of vehicles financed by Moove be either Electric Vehicles (EVs) or CNG vehicles. We plan to introduce 10,000 electric vehicles (EVs) on Indian roads within the next three years, demonstrating our ambitious vision for the Indian market. This bold move not only contributes to reducing carbon emissions but also serves as a catalyst for innovation and investment in the electric mobility sector. Our extensive deployment reflects our unwavering belief in India's capacity to emerge as a prominent participant in the worldwide electric mobility arena. The widespread adoption of electric vehicles in India will not only drive a reduction in carbon emissions but also serve as a catalyst for continued advancements and increased investments within the sector.
Financial Inclusion: Moove’s Mission and Vision
Financial Inclusion is the crucial approach aimed at ensuring the active participation of every individual in society in having access to financial services and being able to manage their finances. Its primary objective is to provide financial services to all.
However, in India, there are still significant challenges related to financial inclusion, particularly for mobility entrepreneurs working in the gig economy. These workers face unique financial inclusion barriers. Many individuals, both in rural and urban areas, remain unaware of the financial services offered by banks. Additionally, even if they are aware, they may lack access to essential banking services such as simply opening a bank account.
Traditional banks often have strict rules and regulations, including maintaining a minimum account balance, meeting specific income criteria, or providing property/asset papers when applying for a loan. These requirements pose significant challenges for economically underprivileged individuals, making it difficult for them to fulfil the criteria and access banking services. At Moove, we empower mobility entrepreneurs by offering vehicle financing and financial services based on revenue, not credit history. Through the integration of our alternative credit scoring technology into ride-hailing, e-logistics, and instant delivery platforms, we utilise unique performance and revenue analytics to evaluate loan applications from drivers who have traditionally been excluded from financial services.
"2023 has been an exciting year for me. Working with Moove has enabled me to earn more money, and I appreciate the platform greatly.
I have been with Moove for about three months, and it has been a smooth ride. The most exciting thing about being a Moove customer is that I can earn more. My life has been significantly changed because I was driving others' vehicles in the past, and now I am my own boss.
I would recommend Moove to other drivers because it is a good company. Drivers will be able to own their vehicles after four years and will receive family health insurance."
Venkatesh D, Moove Customer in India.
Our achievements in this first year in India are a testament to our commitment to a customer-oriented approach to sustainable transportation solutions and an impact-focused mission for financial inclusion. As we continue to scale our innovative revenue-based financing solution for mobility and access to financial services in India, we are set to shape the future of transportation, asset financing and democratising access to financial services, creating a positive impact on the lives of our customers and the environment alike.