What was changed
Moove, founded in Nigeria in 2020, provided vehicle financing to Uber drivers across Africa but struggled with profitability due to high import duties on vehicles and driver repayment challenges.
After four years of losses, co-CEO Ladi Delano decided to expand aggressively into the UAE, India, and the UK, raising $176 million in 2023–2024 to fund the expansion.
The company achieved profitability in its new markets (UAE, India, UK) plus South Africa by the 2024 financial year, validating the geographic diversification strategy.
What it achieved
Profitability in UAE, India, UK, and South Africa; $176M raised for expansion
Why it worked
Import duties made vehicles too expensive in African markets, squeezing margins.
Driver income volatility led to high default rates and reputational damage.
Non-African markets offered lower vehicle costs, better regulatory environments, and higher driver earnings.
What can be applied
Geographic diversification can rescue a business model that fails in its home market due to structural cost disadvantages.
Aftermath
Moove is now pushing into electric vehicles in the UK, UAE, and India to further reduce operating costs and access government subsidies.
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