inDrive launches venture and M&A arm to be led by experienced venture builder Andries Smit

New Delhi, 17 November 2023 - inDrive, the global mobility and urban services platform, is making headlines with the launch of its new venture and M&A arm, earmarking a substantial investment of up to $100 million for promising startups. Andries Smit, a seasoned entrepreneur and investment professional, is set to play a pivotal role as the Vice President of New Ventures.

The investment focus of the New Ventures unit is on fostering rapid growth and positive community impact, with specific criteria including a mission challenging injustice, potential for global expansion among local market startups, post-seed/pre-Series A companies with proven product-market fit, rapid organic growth, and healthy economics and cash flow.

Andries Smit, VP of New Ventures at inDrive, expressed enthusiasm about the company's evolution, stating, "Once an underdog and now a global company, inDrive is certainly an investor to watch." He emphasized inDrive's commitment to challenging injustice by investing in emerging companies that innovate to improve lives, particularly those that may have been overlooked. Leveraging its presence and rapid growth in emerging markets with weaker access to capital, inDrive aims to support successful startups hungry for scale.

The New Ventures unit is dedicated to assisting investee and acquired companies in scaling quickly across inDrive’s platform, offering them a competitive edge by tapping into inDrive’s global customer base spanning 45+ markets and accessing the company’s go-to-market expertise and technology.

Andries Smit brings a wealth of experience, having held key strategic roles in startup and corporate organizations, leading business transformations, acquisitions, and integrations at major corporations like Morgan Stanley and Aviva. He has also contributed to ventures as a partner at Stryber, a prominent strategic growth partner and independent corporate venture builder in Europe, the Middle East, and the Asia-Pacific.

Mark Loughran, President of inDrive, highlighted the mission of New Ventures in identifying high-growth startups operating outside traditional innovation hub regions. He expressed confidence in Andries Smit's unique blend of corporate and venture-building experience, expecting it to propel inDrive beyond its investment goals.

About inDrive:

inDrive, headquartered in Mountain View, California, USA, is a global mobility and urban services platform. Boasting over 200 million downloads, the inDrive app ranked as the second most downloaded mobility app in 2022. Apart from ride-hailing, inDrive provides a range of urban services, including intercity transportation, freight delivery, task assistance, courier delivery, and employment search.

Operating in over 45 countries, inDrive supports local communities through its peer-to-peer pricing model and community empowerment programs, contributing to education, sports, arts and sciences, gender equality, and other vital initiatives.

For more information, visit www.inDrive.com. For details about New Ventures, visit https://ventures.indrive.com/.