Urban mobility platform inDrive is turbocharging its global growth ambitions after securing an additional $150 million in financing from longtime investor General Catalyst. The move expands the companies’ existing financing arrangement to $300 million and provides inDrive with flexible capital to accelerate expansion into new markets, innovate its product offerings, and double down on its mission of making transportation more accessible.
The fresh funding injection arrives hot on the heels of a blockbuster 2023 for the ride-hailing disruptor. InDrive’s net revenue skyrocketed 54% year-over-year, powered by the company’s unique approach that enables passengers and drivers to negotiate fares. This driver-centric model has proven to be a hit with gig workers seeking higher earnings and riders hunting for more affordable transportation options.
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“Securing this financing from General Catalyst empowers us to continue our rapid growth and innovation while maintaining a strong financial position and flexibility,” said Dmitry Sedov, CFO at inDrive. “This structure is designed to support our ambitious plans without added risk, as we strive to make mobility accessible for communities worldwide.”
The funding comes as inDrive cements its status as a global ride-sharing force. According to data.ai, the platform ranked as the second most downloaded ride-hailing app globally for two consecutive years and landed among the top five most downloaded travel apps overall.
General Catalyst, an early believer in inDrive’s vision, is doubling down on its long-term partnership and the startup’s potential for disrupting urban mobility worldwide. “We are excited to help them continue scaling and expanding into new markets,” said Pranav Singhvi, Managing Director at General Catalyst. “We are enthusiastic about supporting a robust mission that positively impacts communities globally.”
With its financial runway extended, inDrive is primed to challenge incumbents and conventional models within the $1 trillion mobility services industry. The company’s unique negotiated fare system, backed by AI-powered routing and pricing algorithms, has already gained significant traction across 47 countries and over 680 cities.
Looking ahead, the funding will allow inDrive to continue challenging social injustice and spearheading equitable access to transportation solutions that empower both riders and drivers. The platform’s rising popularity reflects a hunger for urban mobility services centered around fairness, flexibility and putting more earnings into the pockets of gig workers.
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