26 Nov 2023
inDrive, a leading global mobility and urban services platform, today announced the launch of its new venture and merger and acquisition (M&A) division, New Ventures. With an initial commitment of $100 million, New Ventures will invest in promising startups operating within emerging markets over the next few years.
This strategic move marks a significant expansion of inDrive's global footprint and reinforces its commitment to fostering innovation and enhancing transportation options in underserved regions. The company's decision to prioritize emerging markets stems from the immense potential for growth and the opportunity to address the unique mobility needs of these rapidly developing economies.
"We see great opportunities in different verticals across our ecosystem," explained Andries Smit, Vice President of New Ventures at inDrive. "By investing in early-stage startups, we can help them scale quickly and reach new markets, while also gaining valuable insights into emerging trends and technologies."
New Ventures will focus on investing in startups that align with inDrive's core values of transparency, fairness, and community empowerment. The division will target companies operating in various sectors within the mobility and urban services space, including ride-hailing, intercity transportation, freight delivery, and task assistance.
"Our goal is not just to invest in companies but to become partners in their success," Smit emphasized. "We want to provide our portfolio companies with the resources and expertise they need to thrive, while also collaborating with them to drive innovation and create a more equitable and sustainable future for transportation."
The launch of New Ventures comes on the heels of inDrive's impressive growth trajectory. In 2022, the company achieved an 88% year-on-year increase in gross revenue and expanded its presence to 47 countries, reaching over 150 million app downloads. This momentum is expected to continue as New Ventures fuels the company's expansion into new markets and service offerings.
With its deep understanding of emerging markets and its commitment to fostering innovation, inDrive's New Ventures arm is poised to play a pivotal role in shaping the future of mobility and urban services worldwide. The company's investment in early-stage startups will not only contribute to economic growth and job creation but also enhance the lives of millions by providing access to affordable, reliable, and sustainable transportation options.