California-based ride hailing platform inDrive on Thursday announced that it had secured an additional $150 million in investment from existing backer General Catalyst. The venture capital firm had in 2023 extended $150 million in investments to inDrive, doubling the financing arrangement on Thursday. The financial extension can be stretched for another year, the company said in a media statement.
The fresh capital infusion will allow inDrive to have financial flexibility to bolster growth, invest in product development, expand service offerings and enter new markets, it added. Launched in 2013, the platform is currently present in 749 cities in more than 45 countries, and was the second most downloaded mobility app in 2022 and 2023, according to data.ai.
It started operations in India in 2019, and is currently available in over 12 cities, including Bengaluru, Delhi-NCR, Kolkata, Mumbai, Pune and Chennai, among others.
The Russia-origin cab app operates on a peer-to-peer pricing model where drivers and riders can set the rate between them through a bidding process. Apart from ride-hailing, it also offers intercity freight and delivery services in India.
“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," said inDrive's chief financial officer Dmitry Sedov.
Published 15 March 2024, 00:45 IST