inDrive has announced the expansion of its financing arrangement with General Catalyst to $300 million, up from the initial $150 million secured in 2023.
The financing extension, which can be further extended for an additional year, enhances inDrive’s financial flexibility, enabling the company to bolster growth, invest in product improvements, expand its service offerings, and enter new markets.
This announcement comes on the heels of a remarkable year for inDrive, which saw a 54 per cent growth in net revenue in 2023.
Last year’s results continue to demonstrate the company’s robust growth trajectory and its strategic utilisation of flexible financing to scale operations sustainably.
The Chief Finance Officer at inDrive, Dmitry Sedov, highlighted the strategic importance of this financing, noting that securing this financing from General Catalyst empowers their company to continue its rapid growth and innovation while maintaining a strong financial position and financial flexibility.
According to him, this financial structure is designed to support the company’s ambitious plans without introducing additional risk to its operations.
“We are grateful for the confidence General Catalyst has shown in our mission and strategy, as we strive to make mobility accessible for communities around the globe,” he stated.
The Managing Director, General Catalyst, Pranav Singhvi, 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”.
“Further underscoring inDrive’s global impact, the company was recently recognized as the second most downloaded ride-hailing app for the second consecutive year and ranked among the top-5 most downloaded travel apps globally, according to data.ai.
“With the latest financing arrangement, inDrive is poised for further growth in 2024. This strategic financial support will aid inDrive in expanding its service offerings, and strengthening its global presence, all while adhering to its core mission of challenging social injustice and promoting equitable access to mobility services,” Singhvi stated.
