InDrive, a ride-sharing app, revealed that it has secured $150 million to grow its clientele and penetrate new areas. The venture capital firm General Catalyst, which contributed $150 million in investment the previous year, is the source of this fresh cash.
The business also stated that the funding extension can be extended for a further year, which will increase inDrive’s financial flexibility and allow the business to support growth, make investments in new product enhancements, broaden its service offerings, and penetrate 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,” stated Dmitry Sedov, CFO at inDrive, emphasizing the investment’s strategic importance.
Our financial structure is set up to enable our big goals without putting our business at more danger. We appreciate General Catalyst’s faith in our goals and approach as we work to provide mobility to as many communities as possible worldwide.
“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,” stated Pranav Singhvi, Managing Director, General Catalyst. We are excited to assist a company whose purpose is to improve communities all across the world.
This news comes after an incredible year for inDrive, which saw a 54% rise in net sales in 2023. The prior year’s figures highlight the company’s rapid expansion.
Source: Innovation Village