Uber-supported mobility fintech Moove, with roots in Africa, has purchased Kovi, a provider of urban mobility in Brazil. Although the transaction amount remains undisclosed, it’s known that Moove absorbed Kovi completely via an all-share deal.
The acquisition reportedly increases Moove’s yearly revenue to $275 million, a significant jump from their $115 million ARR last year, according to co-founder and co-CEO Ladi Delano. This follows Moove’s recent collaboration with Waymo to launch autonomous vehicle fleets in Phoenix and Miami.
The purchase of Sao Paulo-based Kovi is a substantial move towards Moove’s objective of creating the most extensive ride-share fleet. Initiated in Lagos, Nigeria, with only 76 cars, Moove’s fleet has grown to 36,000 vehicles operating across six continents.
Kovi was founded in 2018 to make vehicle ownership more versatile in Brazil. As the acquisition awaits approval from Brazilian competition authorities, Kovi will continue to function under its brand with the existing executive and management teams.
Plans are in place to extend Kovi’s operations throughout Latin America. Moove just launched its services in three cities in Colombia and Mexico, thereby solidifying its place in Latin America and gaining a significant presence in Brazil, the region’s largest ride-hail market.
Moove’s key offering in the global mobility marketplace includes vehicle supply to ride-hailing platforms and an emerging autonomous vehicle business. The company plans to harness AI throughout its business to optimize services and enhance fleet management.
The acquisition had positioned Kovi investors as Moove shareholders. Despite facing potential financial adversities, Kovi had managed to raise $104 million Series B in 2021, majorly focusing its operations in Brazil.
Uber-funded Moove, valued at $750 million, has financed over 50 million Uber trips worldwide, owing to substantial support from backers including Mubadala, BlackRock, Franklin Templeton, Janus Henderson, and the IFC.
Original source: Read the full article on TechCrunch
