INDRIVE
INDRIVE
In 2022 , the company rebranded . Previously it was called inDriver , and was ostensibly a ride-hailing service . But over time , the company had moved beyond providing only this service , and the inDrive rebrand reflects its new identity as an “ urban services platform ”. inDrive – ‘ inner Drive ’ – is now a group of companies and non-profit development programs that people use to request household services , and book long-distance trips , deliveries and cargo services .
The company is busy entering new verticals , including fintech and food delivery and is also planning to develop large-scale non-profit development programs . In 2023 , it raised $ 150 million from General Catalyst in a hybrid debt instrument , to boost its development of these verticals . In 2024 , inDrive announced that it had raised a further $ 150 million with General Catalyst , expanding the financial arrangement to $ 300 million .
inDrive branching out into fintech An example of inDrive ’ s expanding ambitions is inDrive Money , a fintech solution offering cash loans and credit cards to drivers operating on its platform in Mexico .
The company says the solution will enable drivers who are often excluded by traditional financial institutions to access loans from inDrive ’ s lending partners .
The goal of the solution is to improve financial inclusion for gig workers in developing economies , and it is partnering with established financial institutions to offer credit cards to drivers in Monterrey . Lending and payment partners include Mastercard , R2 , Galileo , and GIRO .
“ Our mantra is that ‘ A trend is our friend ’, meaning we need to stay informed about market trends to succeed ”
MADINA OLZHABAYEVA HEAD OF PROCUREMENT , INDRIVE
Fully integrated into the inDrive app , the app allows drivers to apply for loans , check balances and pay back loans as they earn . inDrive is also developing additional products that will give its drivers in-app access to a full suite of essential modern financial services .
As inDrive ’ s Global Procurement Head , Madina Olzhabayeva oversees the development of the operational procurement process for the company ’ s expanding portfolio of initiatives .
Olzhabayeva is based in her native Kazakhstan , where inDrive ’ s procurement function is centralised .
“ The main challenge is juggling so many priorities and demands across different regions ,” she says , adding : “ We are managing diverse supplier relationships , navigating complex supply chains , ensuring compliance with all regulations across multiple regions , and driving cost savings while maintaining quality standards .”
She adds : “ Our mantra is that ‘ A trend is our friend ’. This means we have to stay informed about market trends and technological advancements to succeed .
62 [ July 2024 ] EVMAGAZINE . COM