InDrive, a ride-share app operating in 46 countries, has expanded
its financing arrangement with General Catalyst to $300 million, doubling the
$150 million secured from the venture capital firm in 2023.
The company said the financing extension, which can be extended
for another year, will be used to accelerate growth, improve its product and
enter new markets.
“Securing this financing from
General Catalyst empowers us to continue our rapid growth and innovation while
maintaining a strong financial position and financial flexibility,” said Dmitry
Sedov, chief financial officer at inDrive.
“This financial structure is
designed to support our ambitious plans without introducing additional risk to
our 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.”
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InDrive
debuted in the United States in July, starting in South Florida. The
company uses a bid-based business model whereby riders input pickup and
drop-off locations and propose a price and drivers can either accept or
counter offer.
The company said it had substantial growth last year, with a 54%
jump in net revenue.
“As longtime 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,” said Pranav Singhvi, managing director at General Catalyst.
“We are enthusiastic about supporting a business with a robust
mission that positively impacts communities globally.”
In
addition to ride-hailing, inDrive provides urban services including intercity
transportation, freight delivery, task assistance, courier and B2B delivery.