We use cookies on our website.
Some of them are necessary for the functioning of the site, but you can decide about others.
Moove Looks to Expand to US With Waymo Fleet
Moove, an African ride-hailing startup founded in Nigeria, is nearing the completion of a $1.2 billion debt round aimed at financing the launch of an autonomous vehicle fleet in collaboration with Waymo, a subsidiary of Alphabet Inc. The fundraising round has garnered significant oversubscription interest from private credit firms and banks, indicating strong confidence in Moove's potential. Co-founder Ladi Delano noted that the company has successfully repaid its initial debt obligations, showcasing its growth and stability as it prepares to enter a new phase of expanding its autonomous vehicle operations primarily in the U.S.
Moove was established in 2020, with initial focus on assisting ride-hailing drivers in Africa by financing vehicles. It has rapidly scaled its operations across several countries, including the UAE, Mexico, and India, boasting a fleet of approximately 38,000 vehicles. The company has also experienced considerable revenue growth, increasing from $275 million in 2024 to nearly $400 million in 2023, which has enabled it to retire about $100 million of its loans.
The evolution of autonomous vehicle technology in conjunction with ride-hailing presents unique opportunities and challenges. As the market matures, firms like Moove can lead the charge in integrating autonomous solutions into existing transport frameworks, particularly in regions with underdeveloped infrastructure. The success of such ventures may hinge not only on technological prowess but also on navigating regulatory landscapes and public acceptance. This trend underscores a significant shift in mobility services that could redefine transportation in various global markets, especially in developing regions where traditional infrastructure is lacking.
Moove was established in 2020, with initial focus on assisting ride-hailing drivers in Africa by financing vehicles. It has rapidly scaled its operations across several countries, including the UAE, Mexico, and India, boasting a fleet of approximately 38,000 vehicles. The company has also experienced considerable revenue growth, increasing from $275 million in 2024 to nearly $400 million in 2023, which has enabled it to retire about $100 million of its loans.
The evolution of autonomous vehicle technology in conjunction with ride-hailing presents unique opportunities and challenges. As the market matures, firms like Moove can lead the charge in integrating autonomous solutions into existing transport frameworks, particularly in regions with underdeveloped infrastructure. The success of such ventures may hinge not only on technological prowess but also on navigating regulatory landscapes and public acceptance. This trend underscores a significant shift in mobility services that could redefine transportation in various global markets, especially in developing regions where traditional infrastructure is lacking.
Vehicle Guru