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The ride-hailing unicorn inDrive is looking to expand into new emerging markets, so it made a smart investment in the Pakistani food delivery firm Krave Mart.
A venture capital arm was established last year by the Mountain View, California-based corporation with the goal of investing up to $100 million in startups in developing regions. Andries Smit, head of inDrive’s New Ventures segment, stated that the company had one acquisition in the works and that it invested in micro insurer MIC Global in June as part of a strategic collaboration. The company’s investment arm is exploring opportunities that align with InDrive’s operations, though the exact value of the deal with Krave Mart has not been disclosed.
InDrive’s Global Reach and Operations
InDrive, which is available in 46 countries, allows passengers and drivers to negotiate the fare. Based on data.ai, the business claimed to have been the world’s second-most-downloaded ride-hailing app in 2017.
Krave Mart, which competes with Foodpanda, launched by Delivery Hero SE in Pakistan, is a 2021-founded online grocery delivery company that processes thousands of orders daily. To increase its profit margins, it has introduced hundreds of private-label products, including bread and handwash, among many others. According to a statement from inDrive, Krave Mart will be able to expand its presence in Pakistan and investigate potential new markets with the help of the funds.
Smit said, “While we are eager to explore this collaboration, it will take time to determine the most effective approach.” “This strategy aligns with inDrive’s long-term vision for becoming a super app, and we are optimistic about the potential this offers for the future.”
