Tekedia, an international internet aggregator of passenger, freight, and intercity transportation services, has launched a new venture and merger and acquisition division named New Ventures, to invest up to $100 million in startups within emerging markets over the next few years.
The new venture arm comes four months after inDrive in July this year, announced its official launch in South Florida, the company’s first U.S. market. inDrive disclosed that it chose South Florida as it is a market eagerly seeking better transportation alternatives.
According to inDrive, the newly launched investment is focused on several aspects. This includes, Challenging Injustice: A mission-driven approach to improving lives Local to Global: Investing in startups with potential for global expansion, Post-Seed/Pre-Series A: Backing companies with proven product-market fit, Rapid Organic Growth: Focusing on startups with flourishing economics and cash flow.
Announcing the new venture, the company wrote on X,
“We’re excited to share a great initiative in our journey towards a more just and innovative future! Today, we proudly unveil our latest initiative – New Ventures, an M&A arm set to invest in trailblazing startups that champion the cause of challenging injustice.
Focus Area:
• Addressing Injustice: Adopting a mission-driven strategy to enhance lives.
• From Local to Global: Investing in startups that demonstrate the potential for global expansion.
• Post-Seed/Pre-Series A: Supporting companies that have established a solid product-market fit.
• Accelerated Natural Expansion: Concentrating on startups with thriving financial performance and positive cash flow.
“Our objective goes beyond mere financial investment; we aim to cultivate a community of impactful startups. With the backing of New Ventures, companies receive more than just monetary support – they gain access to a worldwide customer base, cutting-edge technology, and benefit from our market expertise.
InDrive will be strategically investing both vertically and horizontally within the ride-hailing industry, considering potential acquisitions or partnerships with these companies.
The dedicated New Ventures unit is committed to facilitating the rapid scaling of investee and acquired companies across the InDrive platform. These businesses stand to gain a competitive advantage by tapping into InDrive’s extensive global customer base spanning 45+ markets and leveraging the company’s expertise in technology and market entry.
Primarily focusing on post-seed/Series A-stage companies demonstrating substantial year-over-year growth exceeding 2-3x, InDrive’s New Ventures unit aims to expedite the scaling process for its portfolio and acquired companies on its primary ride-hailing platform.
Originating in Russia, InDrive earned recognition as the world’s fastest ride-hailing app in 2022, experiencing an impressive 88% year-on-year increase in gross revenue. The company expanded its presence to 47 countries, up from 37 in 2021, with a workforce expansion of 1,000 in 2022, totaling 2,700 employees across 17 global offices.
About inDrive
InDrive, headquartered in Mountain View, California, is a global mobility and urban services platform boasting over 150 million downloads, making it the world’s second most downloaded mobility application. Beyond ride-hailing, inDrive offers a diverse range of urban services, including intercity transportation, cargo and freight delivery, task assistance, delivery, and employment search.
Operating in over 700 cities across 47 countries, inDrive supports local communities through its peer-to-peer payment model and community empowerment programs, focusing on advancing education, sports, arts and sciences, gender equality, and other crucial initiatives.”
Source: Tekedia