Moove, the Nigerian mobility fintech backed by Uber, has taken a major step in its global expansion by acquiring Kovi, a Brazilian car rental startup. The move strengthens Moove’s presence in Latin America, the largest ride-hailing market in the region.
The deal is structured as an all-stock transaction, effectively making Kovi’s investors shareholders in Moove. Kovi had previously secured over $145 million in funding from investors such as Accel, Valor Capital, and Prosus Ventures. With this acquisition, these investors will now have stakes in Moove, which has raised approximately $500 million in debt and equity from firms including Uber, BlackRock, and Mubadala. Moove’s valuation reached $750 million following a $100 million Series B round led by Uber.
Beyond expanding its global footprint, this acquisition is set to enhance Moove’s AI-powered mobility strategy. By integrating Kovi’s proprietary technology and algorithms, Moove aims to optimize its ride-hailing operations and improve fleet management.
“Kovi’s technology will complement and strengthen our existing AI mobility strategy, allowing us to deliver a superior service and product to our customers worldwide,” said Ladi Delano, Moove’s co-founder and co-CEO.
Moove, which currently operates in 19 cities across five continents, has seen its annual revenue surge to $275 million. With an expanding fleet of 36,000 vehicles, the company is steadily advancing its goal of building the largest ride-hailing fleet outside Africa.
Kovi CEO Adhemar Milani Neto expressed optimism about the partnership, stating, “Their purpose-driven approach aligns perfectly with our culture. Together, we will build a global, category-defining business with an unmatched level of scale and expertise.”
This acquisition not only strengthens Moove’s foothold in Latin America but also reinforces its ambition to lead the ride-hailing industry on a global scale.
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