• Friday, April 19, 2024
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inDrive secures extra $150m financing to drive expansion, growth

inDrive secures extra $150m financing to drive expansion, growth

inDrive, a global mobility and ride-hailing platform, has announced an increase in its financing arrangement with General Catalyst to $300 million, up from the initial $150 million secured in 2023.

The financing extension, which can be further extended for an additional year, enhances inDrive’s financial flexibility, enabling the company to boost growth, invest in product improvements, expand its service offerings, and enter new markets.

After closing 2023 at 54 percent growth in net revenue, inDrive has continued to demonstrate a robust growth trajectory and its strategic utilisation of flexible financing to scale operations sustainably.

“Securing this financing from General Catalyst empowers us to continue our rapid growth and innovation while maintaining a strong financial position and financial flexibility. This financial structure is designed to support our ambitious plans without introducing additional risk to our operations,” Dmitry Sedov, CFO at inDrive, said.

He said the company is grateful for the confidence General Catalyst has shown in its mission and strategy, as it strives to make mobility accessible for communities around the globe.

“As long-time 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. We are enthusiastic about supporting a business with a robust mission that positively impacts communities globally,” Pranav Singhvi, managing director of General Catalyst, said.

To further underscore its global impact, the company was recently recognised as the second most downloaded ride-hailing app for the second consecutive year and ranked among the top five most downloaded travel apps globally, according to data.ai.

With the latest financing arrangement, inDrive is poised for further growth in 2024. This strategic financial support will enable the expansion of its service offerings and strengthen its global presence while adhering to its core mission of challenging social injustice and promoting equitable access to mobility services.