MOUNTAIN VIEW — inDrive, a leading global mobility and urban services platform, has expanded 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.
inDrive is an international ride hailing service which is the second most downloaded app globally behind Uber.
This announcement comes on the heels of a remarkable year for inDrive, which reported a 54% 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.
Dmitry Sedov, CFO at inDrive, highlighted the strategic importance of this financing: “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. 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.”
Pranav Singhvi, Managing Director, General Catalyst 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”.
