According to the e-hailing company, this transaction comes on the heels of a robust financial year for inDrive, which saw a 54% growth in net revenue in 2023.

InDrive, an e-hailing firm, has announced that it has expanded its financing arrangement with General Catalyst to $146 million, allowing the company to engage in product upgrades, extend its service offerings, and enter new markets in Africa.

Dmitry Sedov, CFO, inDrive, said: "Securing this financing from venture capital General Catalyst empowers us to continue our rapid growth and innovation while maintaining a strong financial position and financial flexibility.

“This financial structure is designed to support our plans without introducing additional risk to our operations. We are grateful for the confidence General Catalyst has shown in our mission and strategy, as we strive to make mobility accessible for communities around the globe."

According to the e-hailing company, this transaction comes on the heels of a strong year for inDrive, which saw a 54% growth in net revenue in 2023.

Last year’s results, the company said, continue to demonstrate growth trajectory and the company’s strategic utilisation of flexible financing to scale operations sustainably.

Pranav Singhvi, managing director, General Catalyst said: “As long time partners with inDrive, we are excited to help them continue to scale their growth and set the company up for success as they enter new markets. We are enthusiastic about supporting a business with a robust mission that positively impacts communities globally.”