We have some exciting news to share! inDrive recently raised $150 million in funding from General Catalyst in an innovative hybrid instrument that will allow the company to have additional financial flexibility while supporting ongoing growth.
Our founder and CEO, Arsen Tomsky, noted that the investment would let inDrive maintain double-digit growth rates, improve offering quality, and develop new business verticals. “This investment serves as a powerful testament to our company's rapid growth and solid finances” he added.
The funding will enable us to launch new products, invest in marketing spend, including user acquisition and retention costs, and to stay focused on profitability. We will continue to expand our presence in existing markets, while exploring new markets in 2023.
This latest investment follows General Catalyst’s participation in inDrive’s $150 million investment round in 2021. Since then, the company's average monthly revenue has increased four-fold. General Catalyst is optimistic to back a business that they believe has a strong mission and benefits so many communities around the world.
Despite the various obstacles encountered by many tech companies, inDrive has shown remarkable progress and is committed to maintaining profitability while continuing to broaden our reach to new markets around the world.
In 2022, our app was downloaded a staggering 61.8 million times, representing a 45% increase from the previous year, becoming the 2nd most downloaded ride-hailing app worldwide based on Google Play and App Store data. Our boundless possibilities will unlock even more value to people worldwide.
