Moove raises $10 mn in debt funding from Stride Ventures

New Delhi, Feb 14 (PTI) Fintech firm Moove has secured USD 10 million (Rs 83 crore) in debt funding for India from venture debt firm Stride Ventures, the company said on Wednesday.

This marks the fintech firm's maiden debt funding from an external party in India.

The company plans to deploy the capital to strengthen Moove's presence in the country by expanding into new cities such as Delhi, Pune, and Kolkata.

"We're delighted to announce our partnership with Stride Ventures, marking our first-ever debt facility in India. Being facilitated by such a premier investor not only validates Moove's impact-driven model and growth potential but also paves the way for an additional revolving line of credit amounting to USD 10 million," Moove Regional Managing Director, India and South Asia, Binod Mishra, said in the statement.

The company focusses on financial solutions for the mobility segment. With focus on continued growth in the Indian market, the company will expand its fleet, bringing the total number of vehicles to more than 5,000, the statement said.

"Our alliance with Moove is set to transform vehicle ownership accessibility throughout India, marking a significant leap towards social and economic advancement," Stride Ventures, Managing Partner, Apoorva Sharma said. PTI PRS TRB