Nigerian mobility startup Moove has acquired Brazilian car rental startup Kovi in an all-share deal, marking a significant expansion of its operations in Latin America. The acquisition comes just months after Moove entered the Mexican market in October 2024.
With this move, Moove increases its fleet to 36,000 vehicles across 19 cities, reinforcing its presence in a region where demand for flexible vehicle access is growing. While Kovi will continue to operate under its brand, its proprietary IoT software and driver behaviour models are expected to enhance Moove’s AI-driven mobility solutions.
Strengthening Global Mobility
For Moove, the acquisition aligns with its broader goal of scaling globally while refining its technology-driven approach to vehicle financing and fleet management.
“This transaction not only strengthens our footprint in Latin America but also underscores our commitment to contributing to the Brazilian economy,” said Ladi Delano, Moove’s co-founder and CEO.
Founded in 2018 by former 99 executives, Kovi initially focused on renting cars for ride-hailing drivers but later expanded to food delivery services. The startup, part of Y Combinator’s W19 batch, last raised $104 million in Series B funding from investors including Valour Capital Group, Prosus Ventures, and Monashees. At the time, Kovi had over 11,000 drivers in Brazil and Mexico.
Adhemar Milani Neto, CEO of Kovi, sees the acquisition as a strategic opportunity:
“I met the Moove founders years ago when they were scaling in Africa and was immediately impressed by their purpose-driven approach. Together, we can build a truly global, category-defining business with scale and expertise never seen in our market.”
A Growing Mobility Powerhouse
Moove has been on an aggressive expansion path, securing $100 million in funding from Uber last year and later partnering with Waymo to manage fleets of driverless cars in Phoenix and Miami. The acquisition of Kovi pushes Moove’s annual revenues to $275 million, further solidifying its position as a leading player in the mobility-as-a-service industry.
As ride-hailing and delivery services continue to evolve, this deal highlights the increasing convergence between mobility startups and the role of technology in shaping transportation access worldwide. Whether Moove can fully capitalise on its expanded Latin American presence remains to be seen, but the acquisition signals a clear intent to compete at a global scale.
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