Global mobility and urban services platform inDrive has announced the expansion of its financing arrangement with General Catalyst to R2,8-billion.

The financing extension, which can be further extended for an additional year, enhances inDrive’s financial flexibility, enabling the company to bolster growth, invest in product improvements, expand its service offerings, and enter new markets in Africa.

Las year, inDrive saw a 54% growth in net revenue in 2023.

Dmitry Sedov, chief financial officer at inDrive, comments: “Securing this financing from 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 ambitious 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.”

Pranav Singhvi, MD of General Catalyst, says: “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.”