inDrive to invest $100 million in startups through new M&A arm
By siliconindia | Saturday, 18 November 2023, 11:12 IST
inDrive, a worldwide ride-hailing service, has revealed the establishment of its investment arm, New Ventures, dedicated to mergers and acquisitions. This initiative plans to allocate up to $100 million towards investing in promising startups. The Vice President of this M&A arm will be Andries Smit, an entrepreneur and seasoned investment professional. New Ventures will concentrate on local startups capable of global expansion, targeting post-seed or pre-Series A companies exhibiting established product-market suitability, swift organic growth, and robust financial viability.
InDrive has expressed that its New Ventures arm will facilitate the rapid expansion of startups by leveraging InDrive's platform. This initiative aims to offer these startups a competitive advantage by tapping into InDrive's extensive global customer base, spanning over 45 markets, and accessing the company's expertise in entering new markets and utilizing its technology. Andries Smit highlighted, "Through investments in emerging companies striving to enhance people's lives, InDrive is reinforcing its dedication to addressing inequalities by supporting successful yet overlooked startups. The company's strategic position allows it to achieve this by utilizing its presence and rapid growth in emerging markets, which typically have limited access to capital compared to more developed regions".
Based in Mountain View, California, US, the inDrive app secured the second-highest number of downloads among mobility apps in 2022. Beyond ride-hailing services, inDrive offers intercity transportation, freight delivery, task assistance, courier delivery, and employment search services. Mark Loughran, President of inDrive, stated, "New Ventures' core mission is to identify high-growth startups that might operate beyond conventional innovation hubs and provide support to enhance their positive influence".
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