Moove, a global leader in mobility solutions, has announced the acquisition of Kovi, an urban mobility provider headquartered in São Paulo, Brazil.
The deal marks a significant step in Moove’s global expansion strategy, particularly in the fast-growing Latin American market.
Moove, which raised $100 million in a Series B round led by Uber last year, now has a global fleet of 36,000 vehicles with the latest acquisition.
In addition to increasing the size of its fleet, the acquisition takes Moove’s annual revenues to $275 million. This also expands the company’s operations to 19 cities across six continents.
Kovi’s operations
According to a statement from Moove, Kovi, founded in 2018, has established itself as a pioneering force in making car ownership more accessible and efficient through innovative technology and financial solutions.
- With a robust fleet and a strong presence in Brazil and Mexico, Kovi has demonstrated impressive growth since its inception.
- Its innovative approach to driver support and its strong foothold in Brazil is expected to bring significant value to Moove’s global operations, strengthening its ability to expand into high-growth markets and drive impactful change in mobility.
- Kovi’s data-driven approach to vehicle management and user experience is also expected to complement Moove’s existing capabilities, enabling the company to offer superior services to its customers.
By integrating Kovi’s proprietary IoT software and advanced driver behavior algorithm, Moove aims to enhance safety, efficiency, and AI-driven mobility solutions.
What they are saying
Commenting on the acquisition, Co-Founder and Co-CEO of Moove, Ladi Delano, said Kovi has built an impressive business with a robust presence in Brazil, one of the most dynamic mobility markets in the world.
“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,” he said.
The CEO of Kovi, Adhemar Milani Neto, said the company has entered a new era of mobility with the acquisition by Moove, which is a global business.
“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,” he said.
What you should know
Launched in 2020, Moove has built a dedicated supply of rideshare vehicles through its Drive-to-Own, Taxi, and Autonomous fleets.
- The mobility company, which entered India in 2023, said the Series B funding raised last year would help it to strengthen its presence in the Indian market and expand operations to new cities, such as Delhi, Pune, and Kolkata.
- Meanwhile, the completion of Kovi’s acquisition is subject to regulatory approval from Brazil’s antitrust authority.
