Kovi

Kovi is a São Paulo-based urban mobility company that gives ride-hailing and delivery app drivers access to vehicles without the credit approval, credit card or down-payment requirements of traditional financing. Its offer centres on all-inclusive car rental: weekly billing, maintenance, IPVA (vehicle tax) and documentation, a protection package, a replacement-car guarantee and 24-hour roadside assistance and insurance. Two main plans are marketed: a flexible rental with a minimum term of eight weeks, and an annual plan ("Kovi Próprio") under which the driver can buy the vehicle from the 13th month, with the security deposit credited in full against the purchase price and financing available even to drivers with negative credit records. Payment can be made by Pix, boleto or a third party's card, and pricing varies by model, city and plan, with a pay-per-kilometre component.

The fleet includes zero-kilometre models such as the Volkswagen Polo Track 1.0 and Fiat Argo Drive 1.0 — accepted in higher-fare app categories — as well as used hatchbacks and sedans; drivers can use the cars on Uber, 99, inDrive and other passenger and delivery platforms. The company describes an asset-light approach based on partnerships with OEMs including Toyota and Volkswagen, and uses connected-car technology, data analytics and proprietary insurance products to underwrite and manage the fleet, offering short-term subscriptions, pay-per-mile plans and rent-to-own paths.

Kovi was a Y Combinator Winter 2019 company and reported a team size of 890. In January 2025 it was acquired in an all-share transaction by Moove, an Uber-backed African mobility fintech, becoming a wholly owned subsidiary that retained its brand and management in Brazil and Mexico.

Founding story

Kovi was founded in 2018 in São Paulo by Adhemar Milani Neto (CEO) and João Costa (CTO and CPO), both former executives of the Brazilian ride-hailing company 99, which was later acquired by DiDi. They set out to address the high cost and limited availability of car ownership and financing in Latin America, where vehicles are expensive relative to average incomes and credit is often unavailable to drivers who want to work for ride-hailing platforms.

Business model

Kovi owns or sources vehicles — in part through OEM partnerships rather than outright fleet purchases — and rents them to app drivers on recurring weekly billing, bundling maintenance, vehicle tax, documentation, protection/insurance and 24-hour assistance into the fee. Rentals can convert into vehicle sales through the annual "Kovi Próprio" plan, where the deposit is applied to the purchase price and the company arranges financing, including for drivers with impaired credit. Reported figures include roughly $45M in annual recurring revenue by 2021, with long-term subscriptions accounting for 35% of revenue.

Recurring rental fees billed weekly (monthly and annual plans), priced by vehicle model, city and plan with a pay-per-kilometre element; bundled services such as protection packages and assistance are included in the fee, and additional revenue comes from vehicle sales and financing under the purchase-option plan. A referral programme pays R$350 per referred renter.

Traction

By 2021 the company reported serving more than 11,000 users with a fleet of 12,000 vehicles across Brazil and Mexico, approximately $45M in ARR and at least 15% month-over-month growth. A 2020 pivot to a pay-per-mile model during the COVID-19 pandemic was associated with a 70% increase in the customer base that year, with long-term subscriptions reaching 35% of revenue. Team size was reported at 890.

Latest developments

The January 2025 all-share acquisition by Moove made Kovi a wholly owned subsidiary retaining its brand and management in Brazil and Mexico, expanded Moove's Latin American footprint and lifted Moove's global ARR to $275M, with plans to combine Kovi's algorithms with Moove's AI-driven fleet management and support expansion and autonomous-vehicle initiatives. Kovi continues to market flexible and annual rental plans with a purchase option across its Brazilian store network.