inDrive, a mobility and urban services platform, announced that it has raised $150m in an innovative hybrid instrument from General Catalyst to fund marketing spend, including user acquisition and retention costs. This round of funding will give inDrive additional financial flexibility and will support the company’s ongoing growth. General Catalyst previously participated in inDrive’s $150m Series C investment round led by Insight Partners in 2021.
What does the funding mean for inDrive?
Arsen Tomsky, inDrive founder and CEO, said: “We are pleased that General Catalyst has again invested in inDrive, enabling us to maintain our high double-digit growth rates, improve the quality of our offering, and develop new business verticals. inDrive is in a strong financial position and has a choice of financing instruments that best suit its needs.”
“I believe that this financing reflects General Catalyst’s conviction in our ability to continue to expand into new communities and new business verticals in the coming years.”
General Catalyst said in a statement: “General Catalyst is optimistic inDrive is set for sustained growth, and we are excited to back a business that we believe has a strong mission and benefits so many communities around the world. It’s important to us that the investments we make have a positive impact, and inDrive is well placed to do so.”
What is inDrive’s growth rate?
inDrive continued its rapid growth in 2022, despite a challenging macro environment, with an 88% year-on-year (YoY) increase in gross revenue. The number of countries where the company operates reached 47, up from 37 in 2021. inDrive expanded its team to 2,700 employees spread across 17 offices worldwide, with 1,000 newcomers in 2022.
inDrive was the world’s fastest-growing international ride-hailing app in 2022, according to data.ai (formerly App Annie). The app saw a 45% increase in downloads YoY, climbing from 42.6 million in 2021 to 61.8 million in 2022 to become the 2nd most downloaded ride-hailing app worldwide based on Google Play and App Store data (China is App Store only).
In 2022, the firm launched several new services, expanding its offering from passenger and cargo transportation, delivery, and handymen services to include job classifieds and group buying services. The company recently rebranded from inDriver (Independent Drivers) to inDrive (Inner Drive) to reflect its ambitious mission of Challenging Injustice.