inDrive, a global platform for mobility and urban services, has announced that it has raised $150 million from General Catalyst in an innovative hybrid instrument to fund marketing spend. This includes user acquisition and retention costs. The funding will also help the business to continue its rapid expansion and increase financial flexibility.
inDrive is a platform that offers a range of services, including passenger and cargo transportation, delivery, handymen services, job classifieds, and group buying services. The company has expanded its footprint in Africa to seven countries and operates in 47 countries around the world. inDrive has a team of 2,700 employees spread across 17 offices worldwide.
General Catalyst took part in inDrive’s $150 million Series C investment round earlier in 2021, which was headed by Insight Partners. General Catalyst said in a statement that it is optimistic inDrive is set for sustained growth, and it is excited to back a business that has a strong mission and benefits so many communities around the world.
In 2022, inDrive was the world’s fastest-growing international ride-hailing app, according to data.ai (formerly App Annie). The app saw a 45% increase in downloads year-on-year, climbing from 42.6 million in 2021 to 61.8 million in 2022, becoming the second most downloaded ride-hailing app worldwide based on Google Play and App Store data.
The funding from General Catalyst will enable inDrive to maintain its high double-digit growth rates, improve the quality of its offering, and develop new business verticals. Arsen Tomsky, inDrive founder and CEO, believes that the financing reflects General Catalyst’s conviction in the company’s ability to continue to successfully expand into new communities and new business verticals in the coming years.
Despite a challenging global macro environment, inDrive continued its rapid growth in 2022, with an 88% year-on-year increase in gross revenue. The company’s resilience is evidenced by the expansion of its team and the number of countries where it operates.
In conclusion, inDrive’s $150 million funding from General Catalyst will help the company to boost its growth, expand its offering, and invest in new verticals. The company’s expansion in Africa and its presence in 47 countries around the world, coupled with its fast growth, demonstrate its potential for sustained growth.
