FUELING INNOVATION, INDRIVE UNVEILS NEW VENTURES DIVISION WITH $100 MILLION FOR STARTUP INVESTMENTS

Mobility platform inDrive is embarking on a journey of innovation, unveiling a novel venture and merger and acquisition (M&A) division called New Ventures Investments. Backed by a dedicated fund of up to $100 million, this arm is poised to invest in promising startups.

Heading the New Ventures unit is Andries Smit, an accomplished investment professional who is set to join inDrive as the vice president.

Here are the investment criteria: inDrive’s New Ventures arm will set its sights on post-seed/pre-Series A companies exhibiting a proven product-market fit, rapid organic growth, robust economics, and positive cash flow. The company’s focus extends beyond mere financial gains, aiming for rapid growth and a meaningful community impact. The investments will be diversified across companies dedicated to addressing social injustices and enhancing the lives of individuals and communities.

In a significant move earlier this year, inDrive secured a $150 million debt funding round from General Catalyst to facilitate expansion into new verticals and cities. The establishment of the New Ventures division positions inDrive to play a more extensive role in shaping the global startup ecosystem.

News Source: TechCarbal