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(Bloomberg) -- Uber Technologies Inc.-backed Moove acquired Brazil’s Kovi as part of plans to further grow its income and footprint outside of Africa.
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The equity deal for an undisclosed amount would place the $750 million startup among the world’s top three fleet operators and financiers of ridesharing vehicles by revenue, Moove’s co-founder Ladi Delano said in an interview. It will also expand the group’s fleet to 36,000 vehicles and increase its recurring yearly revenue to $275 million, he said.
“We expect to continue to scale our fleet by adding about 15,000 vehicles on an annual basis,” Delano said. The Kovi deal will also allow the startup to integrate its driver-behavior algorithm and internet of things software into Moove’s artificial intelligence strategy to improve safety and efficiency, he said.
UK-born Nigerians Delano and Jide Odunsi founded Moove in Lagos in 2020 with 76 vehicles to help would-be ride-hailing drivers access vehicle financing.
The startup with operations in Europe, the Middle East and India recently partnered with Waymo LLC to manage and dispatch its autonomous vehicles, starting with Phoenix in the US this year, Delano said.
Moove, which counts Blackrock among its other backers, uses a credit-scoring system to enable drivers to access financing to buy new vehicles for ride hailing, logistics and deliveries, and repay it using a percentage of their weekly income. Since starting the business, Moove has raised more than $500 million in equity and debt as it rapidly scales the business.
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