Ride-share app inDrive raises $150 million for expansion

Ride-share app inDrive announced that it has raised $150 million to expand its services and enter new markets. This new funding is from the same venture capital firm General Catalyst who provided $150 million in financing last year.

The company added that the financing extension can be further extended for an additional year and this will enhance inDrive’s financial flexibility, enabling the company to bolster growth, invest in product improvements, expand its service offerings, and enter new markets.

Highlighting the strategic importance of this financing, Dmitry Sedov, CFO at inDrive said, “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. 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.”

Pranav Singhvi, Managing Director, General Catalyst said: “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”.

This announcement follows a remarkable year for inDrive, marked by a 54% increase in net revenue in 2023. The results from the previous year underscore the company’s strong growth path and its effective use of adaptable financing to expand operations in a sustainable manner. U.S.-based inDrive currently operates in nearly 48 countries, largely in emerging markets.