InDrive is set to expand across Africa. The e-hailing startup InDrive has revealed that it has increased the amount of capital it has borrowed from General Catalyst to $146 million (R2.8 billion). This will enable the business to update its products, add more services, and penetrate new African countries.
InDrive is Set to Expand Across Africa with $146 Million
“Securing this financing from venture capital General Catalyst empowers us to continue our rapid growth and innovation while maintaining a strong financial position and financial flexibility,” said inDrive CFO Dmitry Sedov in response to the news.
“This financial structure is designed to support our 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.”
InDrive had a great fiscal year in 2023, with a 54% increase in net revenue, according to the e-hailing company. This deal follows that success.
Results From the Company’s Previous Year
The company stated that the results from the previous year continue to show its trajectory of expansion and its smart use of flexible financing to scale operations sustainably.
“As longtime partners with InDrive, we are excited to help them continue to scale their growth and set the company up for success as they enter new markets,” stated Pranav Singhvi, managing director of General Catalyst.
He added, “we are excited to assist a company whose purpose is to improve communities all across the world.”
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