Published on November 16, 2023, 3:59 pm
InDrive, a global mobility and urban services platform, has announced the launch of its new venture and merger & acquisition division called New Ventures. This division aims to invest up to $100 million in startups within emerging markets. Specifically, InDrive is looking for startups operating in regions like Latin America, the Middle East and Africa, Southeast Asia, and Central Asia.
Through New Ventures, InDrive plans to help these startups “scale internationally while challenging injustice globally.” The company’s focus is on portfolio startups that are in the post-seed/Series A stage and demonstrate substantial year-over-year growth exceeding 2-3x. Additionally, InDrive emphasizes the importance of healthy economics and cash flow in its portfolio companies.
The New Ventures unit will provide support to its portfolio and acquired companies by helping them quickly scale across InDrive’s main ride-hailing platform. They will gain access to the company’s go-to-market know-how, technology, and over 200 million active customers across more than 45 markets and 700 cities.
Leading this initiative is Andries Smit, who took on the role of Vice President of New Ventures in October at InDrive. Smit is responsible for identifying and scaling high-growth units for the ridesharing app. He brings extensive experience from his previous roles at companies like Morgan Stanley and Aviva.
By investing in emerging companies that are innovating to improve people’s lives, InDrive strengthens its commitment to challenge injustice by supporting successful but overlooked startups. The company’s presence and rapid growth in emerging markets make it uniquely positioned to help these startups succeed where access to capital markets may be limited.
It’s worth noting that InDrive offers more than just ride-hailing services. The company provides an expanding range of urban services including intercity transportation, freight delivery, task assistance, courier delivery, and employment search. Earlier this year, InDrive raised $150 million in a Series C funding round from Insight Partners and General Catalyst, at a valuation of $1.25 billion. The company also secured an additional $150 million in debt funding from General Catalyst to expand into new verticals and cities.
With its New Ventures division and its commitment to supporting startups in emerging markets, InDrive aims to drive innovation and make a positive impact in the global mobility sector.