Mountain View, California, December 27, 2024 — inDrive, the global ride-hailing unicorn, has announced a strategic investment in Pakistan’s emerging grocery delivery platform, Krave Mart. The investment is part of inDrive’s broader effort to explore opportunities in emerging markets through its dedicated venture capital arm.
The VC division, launched last year, is set to deploy up to $100 million in startups that align with inDrive’s vision. Andries Smit, head of inDrive’s New Ventures unit, revealed that the investment in Krave Mart follows a recent strategic partnership with micro insurer MIC Global in June. Another deal is reportedly in the pipeline. While the exact size of the investment remains undisclosed, Smit emphasized the focus on partnerships that complement inDrive’s business strategy.
Operating in 46 countries, inDrive has established itself as the second-most downloaded ride-hailing app globally in 2023, according to data.ai. The company’s innovative approach allows passengers and drivers to negotiate fares, setting it apart in the competitive ride-hailing landscape.
Krave Mart: A Rising Star in Grocery Delivery
Founded in 2021, Krave Mart has quickly emerged as a key player in Pakistan’s online grocery delivery market, competing with Delivery Hero SE’s Foodpanda. The platform processes thousands of orders daily and has expanded its product range to include hundreds of private label offerings, from bread to handwash, to enhance profit margins.
The fresh funding from inDrive will enable Krave Mart to expand its operations in Pakistan and explore opportunities in new markets.
A Shared Vision for the Future
“This collaboration marks an exciting step toward our long-term vision of becoming a super app,” said Smit. “While it will take time to determine the most effective approach, we are optimistic about the potential this partnership holds for the future.”
With this strategic investment, inDrive continues to reinforce its commitment to innovation and growth in emerging markets, while Krave Mart gains the backing to further solidify its position in Pakistan’s competitive grocery delivery sector.
Source: Bloomberg.com
