Global Mobility Platform inDrive Raises $150 Million The new funding will give inDrive additional financial flexibility and will support the company's ongoing growth

By Teena Jose

Opinions expressed by Entrepreneur contributors are their own.

You're reading Entrepreneur India, an international franchise of Entrepreneur Media.

Pexels

A global mobility and urban services platform, inDrive has raised $150 million in an innovative hybrid instrument from General Catalyst to fund marketing spend, including user acquisition and retention costs. The new funding will give inDrive additional financial flexibility and will support the company's ongoing growth. General Catalyst previously participated in inDrive's $150 million Series C investment round led by Insight Partners in 2021.

"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 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," said Arsen Tomsky, inDrive founder and CEO.

The platform continued its rapid growth in 2022, despite a challenging global macro environment, with an 88% year-on-year increase in gross revenue serving as solid evidence of the business's resilience. 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, claimed by the company 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," said General Catalyst.

Teena Jose

News Desk Reporter with Entrepreneur India

Teena is a post graduate in financial journalism. She has an avid interest in content creation, digital media and fashion.
Business News

'I Love Doing Product Reviews': Bill Gates Stepped Down from Microsoft in 2020, But Admits He Still Spends 15% of His Time Working at the Company

In a new interview with the Wall Street Journal, Gates also said he is still close with Microsoft's CEO Satya Nadella.

Franchise

Franchise Models Explained — How to Choose the Right One for Your Goals

Navigating the franchise world starts with understanding key business models. Here's how project-based and subscription franchises differ in investment, scalability, and recession resistance.

Business News

Uber's CEO Says Drivers Have About 10 Years Left Before They Will Be Replaced

Uber CEO Dara Khosrowshahi says the jobs of human drivers are safe for the next decade, but after that, another type of driver will take over.

Business News

Elon Musk's DOGE Is Hiring People Eager to 'Work Long Hours' to Eliminate 'Waste, Fraud and Abuse' in the Government. Here's How to Apply.

The Department of Government Efficiency is hiring U.S. citizens to help cut spending and headcounts in the federal government.

Business News

'Everyone Can Profit From It': What Is DeepSeek? China's 'Cheap' to Make AI Chatbot Climbs to the Top of Apple, Google U.S. App Stores

DeepSeek researchers claim it was developed for less than $6 million, a contrast to the $100 million it takes U.S. tech startups to create AI.

Science & Technology

From Data to Destiny — How AI Can Turbocharge Your Business Future

Are you ready to embrace the power of AI with trusted data? Let's transform challenges into opportunities and propel your business into the future.