• InDrive has announced that it has secured $150 million in funding from venture capital firm General Catalyst.
• This is on top of the $150 million that the ridesharing platform secured in 2023.
• The company says it plans to ramp up its plans for growth now that it has double the funding.

If you are a South African using the internet, you have likely spotted an increase in the number of InDrive ads of late. The ridesharing platform has been on a bit of a push of late, and its latest announcement could lead to an even larger presence moving forward.

This as InDrive has secured $150 million in finding from venture capital firm General Catalyst, which is in addition to the $150 million it secured in 2023.

With roughly $300 million at its disposal, we will now see the ridesharing platform ramp up its efforts to expand and grow even more.

“The financing extension, which can be further extended for an additional year, enhances inDrive’s financial flexibility, enabling the company to bolster growth, invest in product improvements, expand its service offerings, and enter new markets,” it noted in a release shared with Hypertext.

“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. We are grateful for the confidence General Catalyst has shown in our mission and strategy, as we strive to make mobility accessible for communities around the globe,” enthused Dmitry Sedov, CFO at inDrive.

While Uber still dominates locally in terms of ridesharing or ehailing applications, InDrive appears to be making some inroads, with the company highlighting that was the second most downloaded app in its segment for the second year running, and ranked among the top five most downloaded travel apps globally.

“With the latest financing arrangement, inDrive is poised for further growth in 2024. This strategic financial support will aid inDrive in expanding its service offerings, and strengthening its global presence, all while adhering to its core mission of challenging social injustice and promoting equitable access to mobility services,” the company concluded.