By Kylie Madry
MEXICO CITY (Reuters) – Ride-share application inDrive has secured another $150 million in financing from venture capital firm General Catalyst to expand its services and enter new markets, it said on Thursday.
InDrive, which operates in nearly four dozen countries, had received an initial $150 million from General Catalyst last year.
The funds come from a hybrid debt instrument that “links repayment to inDrive’s performance,” the company said via email, as it aims to roll out operations in new cities and countries.
“This debt instrument gives inDrive flexibility on how long it will take to repay if the company’s markets don’t grow as fast as estimated.”
U.S.-based inDrive operates largely in emerging markets, allowing drivers and riders to negotiate fares on an application that has been downloaded more than 200 million times, inDrive said.
InDrive last month launched its financial services arm in Mexico, with President Mark Loughran saying it was looking to extend loans and credit cards with partners to drivers in other countries.
InDrive was also weighing the launch of a business-to-business service to transport products from warehouses to stores, Loughran said.
(Reporting by Kylie Madry; Editing by Richard Chang)
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