Moove, a Nigerian-founded global mobility solutions company, has acquired Kovi, a leading urban mobility provider based in São Paulo, Brazil, as part of its aggressive global expansion strategy. The acquisition strengthens Moove’s foothold in the fast-growing Latin American market and increases its fleet to 36,000 vehicles globally.
Moove, which raised $100 million in a Series B round led by Uber in 2023, is now positioned as a dominant player in the mobility sector, expanding its operations to 19 cities across six continents. With this acquisition, Moove’s annual revenues have surged to $275 million, reinforcing its leadership in the rideshare vehicle supply industry.
Kovi’s Role in the Expansion
Founded in 2018, Kovi has made car ownership more accessible through innovative financial and technology-driven solutions. With a strong presence in Brazil and Mexico, the company has grown rapidly by offering data-driven vehicle management systems and AI-driven user experience improvements.
Key Benefits of the Acquisition:
•Enhancing Moove’s Latin American footprint: Kovi’s presence in Brazil and Mexico accelerates Moove’s penetration into the high-growth mobility markets.
•Integrating cutting-edge technology: Kovi’s IoT software and driver behavior analytics will be integrated into Moove’s fleet to improve safety, efficiency, and vehicle utilization.
•Scaling operations globally: The acquisition brings robust operational capabilities to Moove, further solidifying its position as a top global mobility company.
Founders’ Vision: Driving Global Mobility Innovation
Moove was co-founded in 2020 by British-Nigerian entrepreneurs Ladi Delano and Jide Odunsi, with the vision of solving Africa’s mobility challenges through financial solutions tailored for drivers. Their innovative approach allowed Moove to quickly scale beyond Africa, expanding into Europe, Asia, and now Latin America. Delano and Odunsi’s leadership has positioned Moove as a global pioneer in vehicle financing, helping mobility entrepreneurs own and operate ride-hailing vehicles across multiple continents
Leadership Perspectives
Speaking on the acquisition, Moove’s Co-Founder and Co-CEO, Ladi Delano, emphasized the significance of this deal:
“Kovi has built an impressive business in Brazil, one of the world’s most dynamic mobility markets. This transaction not only strengthens our footprint in Latin America but also reinforces our position as a global leader in the mobility sector. It highlights our commitment to driving economic impact in high-growth markets.”
Adhemar Milani Neto, CEO of Kovi, expressed enthusiasm about the deal:
“Moove has always impressed me with its purpose-driven approach to mobility. Together, we will build a truly global category-defining business and scale operations to a level never seen before in our industry.”
Moove’s Global Ambitions
Founded in 2020, Moove has rapidly expanded beyond its African roots, supplying rideshare, taxi, and autonomous vehicles across multiple continents. The company entered India in 2023 and has since announced plans to expand into new cities, including Delhi, Pune, and Kolkata.
•The acquisition of Kovi is subject to regulatory approval from Brazil’s antitrust authority before full integration is completed.
•Moove’s Series B funding round will continue to fuel its expansion into emerging markets, reinforcing its status as one of the fastest-growing mobility companies globally.
With this acquisition, Nigerian-led Moove is redefining mobility solutions worldwide, cementing its influence in the $200 billion+ global rideshare industry.
