Nigeria’s Moove acquires Brazilian mobility provider Kovi

Moove, the Nigerian mobility fintech startup backed by Uber, has announced the acquisition of Kovi, an urban mobility provider in Brazil.

Launched in 2020, Moove offers drive-to-own, taxi, and autonomous fleets services by assisting mobility entrepreneurs to access vehicle or vehicle financing.

In a statement on Tuesday, Moove said the acquisition aligns with its commitment to advancing mobility and expanding its footprint in the rapidly growing Latin American market.

With the deal, Moove said its total global fleet now comprises 36,000 vehicles, and as part of its long-term strategy to meet growing demand, the company will order no fewer than 15,000 vehicles annually across all its markets.

Also, Moove said the completion of the transaction is subject to customary closing conditions, including approval from the Brazilian antitrust authority.

Although Moove did not disclose the value of the acquisition, reports said the deal was an all-share transaction.

Moove said the company has now expanded to 19 cities across six continents following the acquisition.

‘KOVI’S DRIVER BEHAVIOUR MODELS TO COMPLEMENT MOOVE’S AI INNOVATION’

Ladi Delano, Moove co-founder and co-chief executive officer (CEO), said Kovi’s driver behaviour models will complement Moove’s innovation in artificial intelligence (AI) mobility.

“Kovi has built an impressive business with a robust presence in Brazil, one of the most dynamic mobility markets in the world. We’re thrilled to welcome them to the Moove family,” Delano said.

“This transaction not only strengthens our footprint in Latin America and reinforces our position as a dominant player in global mobility, but it also underscores our commitment to contributing to the Brazilian economy.

“Kovi’s proprietary IoT software and advanced driver behaviour models complement our existing capabilities, supporting our focus on safety, efficiency, and innovation in AI mobility.”

Also commenting on the deal, Adhemar Milani Neto, CEO of Kovi, said the acquisition will make the company a truly global category-defining business.

“Today, we stand at the forefront of a new era in mobility, and we believe that Moove has done a fantastic job at scaling their business on a global scale and with the right strategic angles,” Neto said.

“I met the founders many years back when they were scaling their business in Africa, and I was immediately impressed by their purpose-driven approach, which is also a perfect match to our culture.

“Together, I believe we will become a truly global category-defining business and will leverage scale and deep expertise never seen in our market. We are also excited to continue our expansion across LaTam now with robustness with such strong partners.”

Kovi operates in Brazil and Mexico.

The acquisition comes a month after Moove announced a partnership with Waymo to provide driverless vehicle fleet operations in Phoenix and Miami, United States.