Mobility Fintech Moove To Offer An Industry-First Health Insurance Plan to Customers and Their Families in India

Moove aims to empower mobility entrepreneurs financially by providing them a path to asset ownership while ensuring the well-being of their families

Moove, the world's first mobility fintech has today announced a partnership with Reliance General Insurance to provide comprehensive health insurance coverage to its customers and their families in India. This industry-first initiative is part of Moove's vision to empower mobility entrepreneurs globally by democratising access to financial services.

The insurance package offers coverage of INR 2 lacs for customers, their spouse, and up to two children. The launch reinforces Moove’s commitment to support its customers and improve their overall quality of life.

Binod Mishra, Head of Moove India & SA, expressed excitement for this first-of-its- kind customer-centric offering, stating, "In less than a year, Moove has enabled sustainable job creation and a path to asset ownership for its customers.

“By providing health insurance coverage to our customers and their families, we are not only ensuring their safety but also giving them peace of mind knowing their loved ones are taken care of. This offering reaffirms Moove's commitment to improving the lives of mobility entrepreneurs and their families in India."

Moove's drive-to-own model enables customers to become vehicle owners in 48 months, with lower rental fees, flexible hours, and no maintenance worries. Customers also benefit from revenue-sharing via advertising campaigns, along with parking holidays based on tenure, and health insurance for themselves and their family. This makes Moove a safe and sustainable alternative for mobility entrepreneurs in their journey to becoming independent.

Moove also offers refundable deposits for peace of mind and provides weekly incentives for those who work hard to meet their targets. The company currently has over 2000 customers driving Moove financed vehicles and is planning to launch an additional 5000 this financial year, with plans to scale further.

Moove is Uber’s largest supply partner in EMEA and launched its India operations by partnering with the global ridesharing leader in 2022.

For more information on Moove and its mission to financially empower mobility entrepreneurs globally, visit www.moove.io

About Moove

Moove is an African-born, global mobility fintech that is democratising access to financial services for mobility entrepreneurs. It does this by embedding its alternative credit scoring technology onto ride-hailing, logistics, mass transit, and instant delivery platforms, using proprietary performance and revenue analytics to underwrite customers that have previously been excluded from financial services. Moove operates in 13 markets across Africa, the Middle East, Europe, and Asia, and is Uber's largest vehicle supply partner across EMEA. Its customers have completed more than 17 million trips in Moove-financed vehicles.

Reliance Industries to Acquire Renewable Tech Firm Kanoda for ₹75 Crore

Reliance Industrial Investments and Holdings Limited ('RIIHL'), a wholly-owned subsidiary of Mukesh Ambani-led Reliance Industries Ltd, has agreed to pick up a controlling stake of 88% in Ahmedabad-based renewable energy services firm Kanoda Energy Systems Pvt. Ltd for ₹ 75 crore (about $10.7 million), in an all-cash deal.

According to a stock-exchange filing by RIL, the said investment upon completion will translate into 88% equity stake in KESL on a fully diluted basis. The total investment is likely to be completed by March 2020.

The acquisition will assist RIIHL's initiatives to use Kanoda's renewable energy sources.

Founded in 2009, by Dr. Kinjal Jani, Kanoda is a technology and innovation-driven renewable energy solution provider company, which offers services in solar advisory, product design and technology validation, and recently, it forayed into engineering, procurement and construction (EPC) and operation and maintenance (O&M) of solar photovoltaic systems.

Interestingly, Kanoda Energy was a 2004 incubation project by Research Scholars at Georgia Institute of Technology, USA. with the necessary capital infusion via Tipsons Group, the company then started designing and developing solar photovoltaic plants

The company had a turnover of ₹ 10.54 crore, ₹ 1.63 crore and Nil and Net Profit (Loss) of ₹ 81.38 lakhs, ₹ 16.54 lakhs and ₹ (0.51) lakhs in FY 2018, FY 2017 and FY 2016 respectively.

This acquisition of Kanoda comes only a month after RIIHL has picked up a controlling stake in New Emerging World of Journalism (NEWJ), a Mumbai-based digital media startup, with an initial investment of over ₹ 1 crore.

Last week, Reliance Industries has also acquired 5.56% equity stake in VAKT Holdings Limited, a London-based technology startup, for $5 million (around ₹ 35 crore). VAKT uses Blockchain technology for oil & energy trading. And, Reliance has interests in the downstream oil business, with its arm Reliance Petroleum as one of the leading petroleum companies in the world.

Major Renewable Energy Acitivies 2018

This month, Jaipur headquartered solar power developer and EPC player, Rays Power Infra, had raised ₹ 200 crore from DMI Finance, in this month only.

In October, Azure Power, which is India's largest independent solar power producers, had raised around $185 million primary capital from Canada-based Caisse de dépôt et placement du Québec (CDPQ).

In June, Gurgaon-based ZunRoof, a rooftop focused solar startup, had raised ₹ 1.66 crore from i3N (led by Pradeep Tharakan, Sr. Energy Specialist at ADB and Vismay Sharma, MD, L'Oreal, UK & Ireland), Paipal Ventures’ Ajith Pai, Gaurav Gupta, Asia Director, Dalbergr and a bunch of IIT Kharagpur alumni based in US.

In the same month, Hyderabad-based solar energy solution startup Fourth Partner Energy raised $70 million in Series B funding from The Rise Fund, a global impact investment fund managed by TPG Growth.

In April, Gurgaon headquartered clean energy company ReNew Power acquired of Ostro Energy for $1.5 billion to create India’s largest clean energy firm by installed capacity. The acquisition becomes biggest ever deal in the Indian renewable energy sector to date.

Source - Equity Bulls

[Top Image - Dr. Kinjal Jani, Founder & MD Kanoda Energy]

Square Yards Raises $12M from Reliance Group

Square Yards, India’s online to offline (O2O) real estate transaction player, has raised $12 million investment from the Private Equity arm of Mr. Anil Ambani led Reliance Group.

Founded in 2013, Square Yards is the largest distributor for primary residential real estate in India, and it enjoys a leadership position in the Non Resident Indian (NRI) markets.

This is Square Yards’ first institutional investment after it had raised $11Mn from a clutch of HNW investors last year. With the fresh capital infusion, Square Yards aims to strengthen its distribution network across Indian and global markets, targeting double digit market share in Indian Real Estate distribution, expanding to 25+ countries on the ground advising on global real estate, and becoming largest mortgage advisory and developer marketing firm in India.

Kanika Gupta Shori, Founder & COO, Square Yards, said, “With this collaboration, the Company will be able to draw on Reliance’s extensive experience, particularly in scaling up the business to a higher growth trajectory and creating significant shareholder value in the process. Besides capital, we will also get access to best practices in running large consumer businesses at scale, with the participation of Reliance.”

Tanuj Shori, CEO and Founder added “ Timing of this investment couldn’t have been better for us, with Government’s blow on black money and RERA kicking in soon, Real Estate will get consolidated, organised and institutionalized. Secondary market will be most impacted (prices will drop) but eventually volume surge will help us win even more market share. This is beginning of organised real estate in India”.

At a time when it’s peers went totally online, Square Yards has invested in building a multi-modal global distribution channel comprising of largest field sales team of real estate advisors in India and in global NRI markets. Square Yards claims to deliver GTV of ~USD400-450mn/year, which puts Square Yards in the league of top 5 developers in India, by ability to move inventory. More importantly, sensing fragmented markets, Square Yards has aggressively expanded into mortgage advisory (India’s 3rd largest by volumes) and is replicating Indian market successes to global real estate.

The company has been able to generate exceptional growth in all key business metrics, and currently boasts of net revenue run rate of $1.5Mn - $2Mn per month (annualized ~ $25Mn) and transaction run rate of ~600-800/month; exponentially more than any online or organized offline real estate player in India.