inDrive raises additional $150 million led by General Catalyst

Fundraise: Ride-hailing platform inDrive has raised an additional $150 million from investor General Catalyst as part of a financing extension, the company said on March 14.

The California-based app, which allows users to bid for cab prices, secured $150 million from the company in 2023.

This strategic financial support will aid inDrive in expanding its service offerings and strengthening its global presence, the company said in a statement. This includes investments in product improvements, expanding its service offerings and entering new markets.

inDrive registered a 54 per cent growth in net revenue in 2023. 

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.”

The inDrive app has been downloaded over 200 million times, becoming the the second most downloaded mobility app in 2022 and 2023. It also became the top-5 most downloaded travel apps globally, according to data.ai.

Its range of services includes intercity transportation, freight delivery, task assistance, courier and Business to Business (B2B) delivery.

With operations in 749 cities in 46 countries, inDrive has a peer-to-peer pricing model.

As part of its mission for equitable access to mobility services, inDrive launched a DrivingNaari programme on Women's Day for underprivileged women to become professional drivers. It collaborated with Institute of Driving and Traffic Research (IDTR) by Maruti Suzuki for a 30-day driving course as part of the programme.