Ride-Hailing App Raises $150 million

Ride-Hailing App Raises $150 million
Ride-Hailing App Raises $150 million
A global platform for mobility and urban services, inDrive, which has recently expanded its services in Africa to seven countries, has disclosed recently that it has raised $150 million from General Catalyst in an innovative hybrid instrument to fund marketing spend.
This recent innovation includes user acquisition and retention costs. inDrive is expected to benefit from financial flexibility due to the new funding it received, which will assist the business to continue to rapidly expand. Although, earlier in the year 2021, General Catalyst took part in inDrive’s $150 million series C investment round, which was led by Insight partners.

Meanwhile, inDrive founder and CEO, Arsen Tomsky, said “We are pleased that General Catalyst has again invested in inDrive, enabling us to maintain our high double-digit growth rates, improve the quality of our offering, and develop new business verticals. inDrive is in a strong financial position and has a choice of financing instruments that best suit its requirements. I believe that this financing reflects General Catalyst’s conviction in our ability to continue to successfully expand into new communities and new business verticals in the coming years.”.

General Catalyst also disclosed this in a statement. “General Catalyst is optimistic inDrive is set for sustained growth, and we are excited to back a business that we believe has a strong mission and benefits so many communities around the world. It’s important to us that the investments we make have a positive impact, and inDrive is well placed to do so.”

inDrive, however, continued its rapid growth in 2022, despite the challenges faced on the global fronts, with an 88% year-on-year increase in gross revenue which served as solid evidence of the business resilience. The number of countries where the company operates also grew to 47 from 37 which was recorded in 2021 while its employees also grew to 2700 which are spread across 17 offices worldwide, welcoming 1000 new staff in 2022.

inDrive which was recorded as the world’s fastest-growing international ride-hailing app in 2022, according to data.ai (formerly known as App Annie). The app also recorded an increase in downloads of 45% year-on-year, it climbed from 42.6 million in 2021 to 61.8 million in 2022  and has now become the 2nd most downloaded ride-hailing app worldwide based on data on Google Play and App Store data (China is App Store only).

In 2022, the company also launched several new verticals, which saw it expand its offering from passenger and cargo transportation, delivery, and handymen services to job classifieds and group buying services. Recently, inDriver (independent Drivers) rebranded to inDrive (Inner Drive) to reflect the company’s mission of challenging injustice.