April 22, 2024 - This Thirty-Year AI Expert Challenges the Notion That AI Can Think

InDrive Secures Additional $150 Million to Grow Mobility Platform

Global mobility and urban services platform inDrive’s financing arrangement with General Catalyst has been expanded to $300 million.

The company has secured an additional $150 million from General Catalyst, which joins the initial $150 million it secured in 2023, inDrive said in a Thursday (March 14) press release.

InDrive will use the financing extension to bolster its growth, invest in improvements to its product, expand its service offerings and enter new markets, according to the release.

“This financial structure is designed to support our ambitious plans without introducing additional risk to our operations,” Dmitry Sedov, chief financial officer at inDrive, said in the release. “We are grateful for the confidence General Catalyst has shown in our mission and strategy, as we strive to make mobility accessible for communities around the globe.”

In 2023, inDrive saw its net revenue grow 54%, according to the release.

The company aims to further its growth in 2024 by expanding its service offerings and strengthening its global presence while continuing to promote equitable access to mobility services, per the release.

“As longtime partners with inDrive, we are excited to help them continue to scale their growth and set the company up for success as they enter new markets,” Pranav Singhvi, managing director at General Catalyst, said in the release. “We are enthusiastic about supporting a business with a robust mission that positively impacts communities globally.”

InDrive is active across more than 40 nations and has garnered over 175 million downloads worldwide, Adam Warner, head of U.S. Operations at inDrive, told PYMNTS in an interview posted in February.

The company’s ride-hailing app distinguishes itself from the competition by allowing users to set a fare for a selected route. Nearby drivers can accept the fare or propose a counteroffer. InDrive also provides its drivers with a transparent fee structure.

“Making sure that drivers understand exactly what they’re getting paid for the work that they’re doing is very critical in earning the trust of everyone that participates in the gig economy,” Warner said.

In another recent development, the company said in February that it introduced a new financial services product called inDrive Money that provides cash loans to drivers operating on its platform in Mexico.