Uber Considers Investment In African Startup Moove In Funding Round Up To $100M: Report

Uber Technologies, Inc. UBER is reportedly discussing a potential investment in African vehicle-financing startup Moove, aiming for a funding round totaling up to $100 million.

The U.S. ride-hailing company will be part of an investor consortium in the funding round, raising Moove’s enterprise value to roughly $750 million, up from $650 million, Bloomberg reported, citing people familiar with the matter.

The funding round is ongoing, and the final amount may fluctuate between approximately $75 million and $100 million, the report added.

Africa, with its rapidly growing population, sees a surge in tech usage, especially among the youth, for services like banking and ride-hailing, despite infrastructure gaps, Bloomberg said.

Moove, along with other fintech services like Flutterwave and Interswitch, hails from Nigeria, Africa’s most populous country, where many have reached unicorn status with valuations exceeding $1 billion, the report added.

Last August, Moove secured a $76 million equity and debt round, which saw participation from notable investors like BlackRock Inc. and Mubadala Investment Co.

In another development, Uber is accelerating its expansion into India’s market for two- and three-wheeled rides, intensifying its competition with local rival Ola. 

CEO Dara Khosrowshahi discussed experimenting with scooter and motorbike services in India, describing it as Uber’s “toughest market.” This strategy could serve as a blueprint for Uber’s growth in other countries. 

Price Action: UBER shares are trading lower by 0.17% to $77.90 on the last check Friday. 

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