Moove, a Nigerian mobility company, has recently completed the acquisition of Kovi, a Brazilian car rental startup, in an all-share agreement. This strategic move marks a significant milestone in Moove’s expansion into the Latin American market, following its successful entry into Mexico in October 2024.
Ladi Delano, Co-founder and CEO of Moove, expressed his excitement about the acquisition, stating that it not only strengthens the company’s presence in Latin America but also demonstrates their commitment to supporting the Brazilian economy. He highlighted Kovi’s innovative IoT software and sophisticated driver behavior models, which align perfectly with Moove’s focus on safety, efficiency, and AI-driven innovation in mobility.
Founded in 2018 by former executives of 99, Kovi initially focused on providing car rental services for ride-hailing drivers but later expanded its offerings to include food delivery workers. The startup, a member of Y Combinator’s W19 batch, recently raised $104 million in a Series B funding round, with investments from Valor Capital Group, Prosus Ventures, Quona, and other prominent investors. At the time of the funding round, Kovi had a network of over 11,000 drivers in Brazil and Mexico.
Following the acquisition, Moove’s fleet size has increased to 36,000 vehicles, and its operations now span across 19 cities. Kovi will continue to operate under its own brand identity, with no changes expected in its management team. Adhemar Milani Neto, CEO of Kovi, expressed his confidence in the partnership with Moove, emphasizing their shared values and vision for building a globally impactful business in the mobility sector.
In addition to expanding its fleet and market presence, the acquisition has boosted Moove’s annual revenue to $275 million. In the previous year, the company secured a $100 million funding round led by Uber and announced a partnership with Waymo to manage its fleet of driverless cars in Phoenix and Miami.
Overall, the acquisition of Kovi by Moove signifies a strategic move to strengthen their position in the Latin American market and drive innovation in the mobility sector. The partnership between the two companies is expected to bring unparalleled expertise and scale to the region, paving the way for continued growth and expansion in the years to come.
