Nigerian mobility fintech startup Moove, backed by Uber, has acquired Kovi, a Brazilian car rental startup, in an all-stock transaction. This move strengthens Moove’s presence in Latin America’s largest ride-hailing market and furthers its global expansion, with operations now spanning 19 cities across five continents.
As part of the deal, Kovi’s investors—including Accel, Spectra Investments, Valor Capital, Prosus Ventures, and Quona Capital—now hold shares in Moove. Kovi had previously raised over $145 million, while Moove has secured around $500 million in debt and equity from investors such as Uber, Mubadala, BlackRock, Franklin Templeton, Janus Henderson, and the International Finance Corporation (IFC). A $100 million Series B round led by Uber valued Moove at $750 million.
The acquisition aligns with Moove’s AI–driven mobility strategy, which aims to enhance ride-hailing services and fleet management. Kovi’s proprietary technology and algorithms will play a key role in optimizing Moove’s operations. Ladi Delano, Moove’s co-founder and co-CEO, stated that the acquisition will help improve services and products for customers worldwide.
Following the deal, Moove’s annual revenue has grown to $275 million. The company has been expanding beyond Africa, with operations in Colombia and Mexico, and this acquisition further strengthens its foothold in Latin America. Moove’s fleet has expanded to 36,000 vehicles operating globally, with the goal of building the largest ride-share fleet outside Africa.
Kovi CEO Adhemar Milani Neto expressed confidence in the partnership, stating that the two companies share a purpose-driven approach and will leverage their combined scale and expertise to become a global category leader in mobility.
Source: TechCabal
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