Indrive Gains 150m Boost For Global Expansion
The funds are earmarked for penetrating new markets and enhancing product offerings, including a novel financial services product aimed at offering financing options for its drivers.
Chief Financial Officer Dmitry Sedov outlined that the investment would underpin marketing strategies and facilitate launches in new and existing territories. InDrive, which made its U.S. debut in Florida, is known for its unique fee-negotiating feature, allowing riders and drivers to set trip costs mutually, contrasting the fixed-rate model prevalent in the sector. Originally established in Russia, InDrive has shifted its focus towards developing economies and is now headquartered in the U.S.
The company’s venture into financial services, initiating with driver-targeted loans and credit cards in Mexico, signifies its broader strategy to enhance driver support and operational growth in Latin America.
Sedov highlighted the potential for expanding these services across other regions, aiming to alleviate financing challenges faced by drivers in emerging markets. Additionally, InDrive’s recent launch of a $100 million investment fund seeks to support startups in these markets, furthering its commitment to driving social change and improving access to mobility services.
Pranav Singhvi from General Catalyst commended InDrive’s mission and its impact on global communities, expressing confidence in the company’s future endeavors and its role in fostering equitable mobility solutions.
