inDrive to inject $100M in startups via M&A

• ByStartupStory     |    November 17, 2023

inDrive, a global ride-hailing service, unveils its venture and merger & acquisition arm, New Ventures, aimed at investing up to $100 million in promising startups. Andries Smit, an entrepreneur and investment professional, will lead this M&A division as Vice President.

The focus of New Ventures will be on local market startups exhibiting potential for global expansion, particularly post-seed/pre-Series A companies demonstrating proven product-market fit, rapid organic growth, healthy economics, and cash flow.

This strategic move by inDrive aims to support startups in scaling across its platform, leveraging its global multi-million customer base spanning over 45 markets. The initiative offers access to the company’s market expertise and technology, empowering startups to gain a competitive edge.

By allocating resources to emerging companies dedicated to enhancing people’s lives, inDrive reinforces its commitment to fostering overlooked yet successful startups. The company’s presence and rapid growth in emerging markets, which often lack robust access to capital markets, uniquely position it for this venture, as highlighted by Smit in a statement.

Headquartered in Mountain View, California, inDrive, known for its diverse services beyond ride-hailing, such as intercity transportation, freight delivery, task assistance, courier delivery, and employment search services, achieved unicorn status in February 2021. Notably, the company expanded into India earlier this year and introduced Drive.Freight, a service for same-day and on-demand delivery options for items weighing over 20 kg.

Distinguishing itself from competitors, inDrive allows direct negotiation of fare costs between passengers and drivers instead of relying on algorithms, addressing concerns about inflated ride-hailing service charges.

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