from DION HENRICK in Cape Town
CAPE TOWN, (CAJ News) – THE global platform for mobility and urban services, inDrive, has raised $150 million from General Catalyst in an innovative hybrid instrument to fund marketing spend.
This includes user acquisition and retention costs.
inDrive will benefit from increased financial flexibility thanks to this new funding, which will also help the business to continue its rapid expansion.
It recently expanded its footprint in Africa to seven countries.
Earlier, in the year 2021, General Catalyst took part in inDrive’s $150 million Series C investment round, headed by Insight Partners.
Arsen Tomsky, inDrive founder and Chief Executive Officer, said inDrive is in a strong financial position and has a choice of financing instruments that best suit its requirements.
“I believe that this financing reflects General Catalyst’s conviction in our ability to continue to successfully expand into new communities and new business verticals in the coming years,” Tomsky said.
General Catalyst is optimistic inDrive is set for sustained growth.
“We are excited to back a business that we believe has a strong mission and benefits so many communities around the world,” it stated.
“It’s important to us that the investments we make have a positive impact, and inDrive is well placed to do so.”
inDrive continued its rapid growth in 2022, with an 88 percent year-on-year increase in gross revenue.
It operates in 47 countries, up from 37 in 2021.
inDrive was the world’s fastest growing international ride-hailing app in 2022, according to data.ai.
The app saw a 45 percent increase in downloads year-on-year, climbing from 42,6 million in 2021 to 61,8 million in 2022.
– CAJ News