Moove acquires Latin America's Kovi
Moove, a Nigerian mobility company, has finalised the acquisition of Brazilian car rental start-up Kovi in an all-share deal that will expand its Latin American operations.
Moove, a mobility fintech sponsored by Uber that provides vehicle finance to ride-hailing and delivery app drivers on six continents, will now fully own Kovi.
Ladi Delano, co-founder and CEO of the firm, stated the acquisition of the São Paulo-based start-up is a crucial step towards the company's aim of developing the world's largest ride-sharing fleet.
“With the addition of Kovi, Moove's annual revenue is projected to rise to $275 million, further solidifying its financial standing in the competitive mobility sector,” he said.
Kovi, founded in 2018 and supported by Y Combinator, began by providing accessible car rentals for ride-hailing drivers but has since expanded to include food delivery workers.
While regulatory permissions are pending, Kovi's brand identity and current management team will stay in place.
Delano emphasised that the acquisition not only expands Moove's market footprint but also puts the firm as a top player in Brazil, Latin America's largest ride-hailing market.
While Moove will continue to operate the Kovi brand in its existing markets, there are intentions to grow further across Latin America.
Delano said Kovi's patented technology, IoT software, and advanced algorithms would “complement and strengthen our existing move AI mobility strategy and ensure that we can start to deliver an improved service and product to our customers around the world.”
He added: “Kovi is one of the top two players in Brazil. So we have not just entered or strengthened our presence in the Latin American market but also put ourselves in a top two position in the largest single market in Latin America through this acquisition.
Kovi CEO Adhemar Milani Neto expressed confidence about the relationship, highlighting the two organisations' shared values and goals.
He was particularly drawn in by Moove's purpose-driven approach, which he viewed as a perfect fit for Kovi's culture.