Get All Access for $5/mo

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.
Living

Taylor Swift Has a Lucky Number. And She's Not the Only High Performer Who Leans Into Superstitions to Boost Confidence.

Even megastars like Swift need a little extra something to get them in the right mindset when it is game time.

Business News

How to Be a Billionaire By 25, According to a College Dropout Turned CEO Worth $1.6 Billion

Austin Russell became the world's youngest self-made billionaire in 2020 at age 25.

Making a Change

9 Motivational Quotes from Serena Williams

Serena Williams' historic win at Wimbledon on Saturday left the world in awe of her talent. Here's how she keeps her mental game sharp on and off the court.

Living

12 Upbeat Ellen DeGeneres Quotes to Put You in a Good Mood

In a funk? Some quotes from comedian and TV personality Ellen DeGeneres can turn your day around.

Career

How College Prepares Your Child For Success With This One Quintessential Trait

College may not guarantee success or a job in your chosen field, but it might be the ideal place for your child to learn independence — a trait necessary for success.

Marketing

SEO Trends You Need to Be Aware of Right Now, According to a Seasoned Pro

Navigate the future of search engine optimization to elevate your online presence and drive meaningful engagement.