Ride-hailing app inDrive has raised $150 million from General Catalyst after raising $150 million in February last year. The company said the “financing extension” from General Catalyst can be further extended, from $300 million so far, for an additional year, indicating another round from the investor next year to “bolster growth, invest in product improvements, expand its service offerings, and enter new markets.”
The company said it recorded 54 per cent growth in net revenue in 2023.
Dmitry Sedov, CFO at inDrive said this financial structure (with General Catalyst) is designed to support the company’s ambitious plans without introducing additional risk to our operations. “Securing this financing from General Catalyst empowers us to continue our rapid growth and innovation while maintaining a strong financial position and financial flexibility.”
Citing data from data.ai, inDrive said it was the second most downloaded ride-hailing app for the second consecutive year and ranked among the top five most downloaded travel apps globally.
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”.
Headquartered in Mountain View, California, inDrive also offers intercity transportation, freight delivery, task assistance, courier and B2B delivery services. The company is operational in more than 46 countries.
The current round takes the total funding by inDrive to around $150 million. As per Crunchbase, the company’s overall fundraise till February last year stood at $387 million.
The global ride-hailing market is likely to grow from $165.60 billion in the current calendar year to $215.70 billion by 2028, as per data platform Statista. In terms of users, the market may see a significant increase, with the number of users expected to reach 1.97 billion by 2028.
