Heaptalk, Jakarta — inDrive announced that the company has jacked up its funding amount to USD300 million, equal to Rp4.6 trillion, a two-fold enhancement compared to its previous milestone of USD150 million (around Rp2.3 trillion) that General Catalyst injected into this startup as of last year.
This financing extension will allow the company to bolster growth, invest in product development, widen its service offerings, and penetrate new markets. According to the company, this investment declaration emerged following this ride-hailing business lump, with the net income rising by 54% in 2023. Last year’s results demonstrate the company’s robust improvement and strategic utilization of flexible financing to scale operations sustainably.
Chief Financial Officer of inDrive, Dmitry Sedov, revealed, “With this additional funding, we are focused on continuing our rapid growth and innovation while maintaining a robust financial position. This economic structure supports the company’s plans without posing additional risks to our operations.
Expanding its reach in more than 749 cities from about 46 countries, the inDrive app has been downloaded over 200 million times and claimed as the second most downloaded mobility app in 2022 and 2023. In addition to possessing a ride-hailing service, this California-based startup also contained other services, including intercity transportation, freight delivery, task assistance, courier, and B2B delivery.
“During our partnership with inDrive, we are excited to help them increase their growth and prepare their company to enter new markets. We will continue to support businesses that have a positive impact on society globally,” Pranav Singhvi, the Managing Director of General Catalyst, said.
With its fantastic performance last year, inDrive also released a new venture and merger and acquisition (M&A) arm, namely inDrive New Ventures, to inject into a promising startup with a total value of up to US$100 million in 2023.
In its operation, a professional investment and entrepreneur, Andries Smit, will serve as the Vice President of New Ventures. The firm will focus on rapid enhancement and positive impact with the following investment criteria, including:
- Challenging injustice: a mission-driven approach to improve lives
- Local to Global: injecting fresh capital into the startup with tremendous potential for global expansion
- Post-Seed and Pre-Series A round: supporting startups with proven product-market fit with significant enhancement up to two – threefold YoY
- Rapid Organic Growth: focusing on startups with flourishing economics and cash flow
