One of the world’s leading ride-sharing platforms inDrive (formerly inDriver) has secured $150 million in funding as the brand seeks to bolster its growth and tap into more markets.
The California-based company secured the latest funding from a venture capital firm General Catalyst. Going forward, the prominent ride-sharing/ride-hailing platform will use the funds to reinforce its growth, invest in product development, and expand in more markets.
Check out: Top 5 Ride-sharing Apps in Nepal [Latest 2024]
inDrive gets $150 million in funding
“Securing this financing from General Catalyst empowers us to continue our rapid growth and innovation while maintaining a strong financial position and financial flexibility. This financial structure is designed to support our ambitious plans without introducing additional risk to our operations,” Dmitry Sedov, Chief Financial Officer of inDrive said.
Let it be known that inDrive is already operational in 749 cities across 45 countries. Recently, data from data.ai showed that the platform’s mobile app inDrive ranked the second most downloaded ride-hailing app in the world in 2023 which was also the case in 2022.
The Russia-origin ride-hailing platform has been operational in Nepal since April 2022 but is maintained from its regional office in India. The company though has already become synonymous with ride-sharing services across select main cities in Nepal including Kathmandu and Pokhara. The company representatives have maintained that it’s seeking registration soon.
In terms of services, inDrive operates on a peer-to-peer pricing scheme which allows the customers to call their fare. Additionally, it provides city ride, city-to-city, courier delivery, and freight delivery.
On average, the company operates around 29,300 rides globally a day and makes an annual turnover of Rs 2. 11 billion.