Event: Uber on the move | India
Accelerating an Electric Future for Ridesharing.
Moove’s Co-CEO, Ladi Delano spoke at the event, ‘Uber on the move | India’ recently at The Leela Palace in Delhi, for a panel discussion moderated by Ankita Mukherji and joined by Andrew Macdonald, SVP, Mobility & Business Operations, Uber, Dr O.P. Agarwal, Chief Executive Officer at World Resources Institute, and Harish Mehta, CEO, Jio-BP.
Here are some key takeaways from the panel discussion about Uber’s sustainability ambitions in India and how Moove is supporting their growth and target for a 100% Zero-Emission multimodal platform.
Moove: Seizing India's Electric Mobility Opportunity
Moove is a leading mobility fintech player with a global footprint, and it is one of the largest partners for Uber in Europe, the Middle East and Africa. We have created a unique rent-to-own model, which enables our customers to become vehicle owners in 48 months, with lower rental fees, flexible hours, and no maintenance worries.
In his opening address, Andrew Macdonald, SVP, Mobility & Business Operations, Uber outlined India as a pivotal market for Uber, serving as the company's third-largest market worldwide in terms of volume. With a vast number of active drivers and rapid growth, Uber sees tremendous potential in India. Recognizing the immense promise and scale offered by this market, both Uber and Moove have identified the country as a critical focus for their expansion plans. India's leadership in the electrification of mobility among emerging markets positions it as a benchmark for others to learn from.
India: A Promising Market for Electric Mobility
Andrew also acknowledged the significance of India for Uber’s sustainability journey. The country's environmental challenges and ambitious sustainability goals require collaborative efforts from various sectors. Electric car sales in India in the first quarter of 2023 are already double what they were in the same period in 2022. In India, EV and component manufacturing is ramping up, and the Government's $USD3.2 billion incentive programme has attracted investments totalling $USD8.3 billion, which will only help create a 'For India, Made in India' market.
India's rapid growth and increasing urbanisation have created a significant demand for sustainable transportation solutions. With the government's push for EV adoption and favourable policies, India has emerged as a global leader in the electrification of mobility among emerging markets. Moove launched in India in July 2022 and we currently have over 1,600 cars on the road. In less than a year, we have enabled considerable sustainable job creation and a path to asset ownership for customers in India.
Moove's Strategic Focus on India
Recognizing India's potential, we have set our sights on India as a key market for expansion and innovation in electric mobility. Ladi expanded, explaining that by establishing a presence in India, we aim to tap into the country's vast talent pool, vibrant ecosystem, and consumer demand for sustainable transportation options. This strategic move positions us as a frontrunner in the race to capture a significant share of the Indian EV market.
One of our top priorities is supporting our customers and their overall quality of life. We recently launched a new health insurance product, which offers coverage of INR 2 lacs for customers, their spouse, and up to two children. Moreover, our customers also benefit from revenue-sharing via advertising campaigns, along with parking holidays based on tenure, and vehicle insurance and maintenance. We offer refundable deposits for peace of mind and provide weekly incentives for those who work hard to meet their targets. We’re planning on launching an additional 5000 cars this financial year, with plans to scale further to 10,000 vehicles over the next 3 years. We will also be launching in a further three cities, which will bring our market presence to 7 cities in India by the end of 2023.
Learning from the Indian Market
Harish Mehta, CEO of Jio-BP, discussed accelerating the charging infrastructure. India is leading the way for EV adoption in the region, but there are still challenges to overcome, such as high upfront costs and public charging availability. He expanded, projecting that 40-45% of India's fleet will be electric by 2030. While various state and central governments are offering incentives in the form of the FAME scheme to bolster EV ecosystem development, it will take some more time for EV ride-hailing vehicles to become mainstream. However, as Andrew explained, Uber aims to contribute to India's sustainability goals by revolutionising transportation and reducing air pollution caused by traditional vehicles. Uber has committed to deploying 25,000 EVs in India over the next three years with the help of its fleet partners.
Dr O.P. Agarwal, Chief Executive Officer at World Resources Institute explained the importance to shift focus from measuring distance in terms of vehicle miles to considering person miles. In India, the reason why people are not transitioning to public transportation is not primarily due to cost, suggesting they may be willing to pay double the price. The quality of the transport system is of greater concern, and that's where Uber Shuttle's premium could play a significant role. He concluded, that embracing electric shuttles is unquestionably the progressive direction to take.
At Moove, we’re excited about the opportunities presented by the Indian market and are keen to learn from its unique dynamics. India's diverse and complex market conditions offer valuable insights for refining business models, adapting to regulatory frameworks, and tailoring services to meet local needs. By leveraging the lessons learned in India, we can strengthen our operations and drive global growth in other international markets.
Scale and Ambition
As a leading player in mobility financing, Moove is well-positioned to support the transition to EVs in India. Our relationships with OEMs are critical to ensuring we can source vehicles that are not just affordable but are also suitable for ride-hailing. Our commitment to introducing 10,000 EVs on Indian roads within the next three years demonstrates our ambitious vision for the Indian market. This scale of deployment showcases our confidence in India's potential as a significant player in the global electric mobility landscape. The large-scale adoption of EVs in India will not only contribute to reducing carbon emissions but also catalyze further innovation and investment in the sector.
‘Moove’ing’ India, 2023
With half of the world’s gig workers (1.1 billion, globally) denied access to financial services, financing isn’t purely a challenge for EVs, it is a challenge across the board within the mobility industry and the gig economy. To address the challenge of affordability for EV adoption, we are looking to play across the value chain to ensure our customers have all the tools they need to be as productive as possible.
We have successfully launched our charging app, Moove Charge, in the UK and we’re currently in the process of launching an EV charging structure in the UAE. Our strategic focus on India's electric mobility market underscores the country's pivotal role in shaping the future of sustainable transportation. India's status as a benchmark for electrification among emerging markets and Moove's commitment to introducing a substantial fleet of EVs reflect the immense opportunities available to businesses and investors in this space. By capitalizing on India's favourable policies, talent pool, and consumer demand, we aim to position ourselves as a leader in the electric mobility industry while simultaneously contributing to India's sustainable development goals.
Our unique Drive-to-Own model, affordable pricing, commitment to supporting customers' overall quality of life, and focus on electrification and financial empowerment make Moove a leading player in the mobility industry in India. 1.7 billion people globally are credit invisible and therefore have no access to finance and it is our mission to empower every mobility entrepreneur by welcoming them into the global financial system. Our proprietary credit scoring products and fintech platform are a testament to our commitment to supporting sustainable job creation and asset ownership for all those who are unbanked and credit invisible.