InDrive Expands Horizons with Strategic Investment in Pakistan’s Krave Mart

California-based ride-hailing company InDrive has announced a strategic investment in Krave Mart, a Pakistan-based online grocery delivery startup. The financial details of the deal have not been disclosed.

This move is part of InDrive’s broader strategy to tap into emerging markets and diversify its portfolio. As Bloomberg reported, the investment highlights the company’s efforts to expand beyond ride-hailing services.

InDrive’s venture capital arm, established last year, has a broader plan to allocate up to $100 million to startups in emerging markets. The financial terms of the investment were not disclosed, but it marks another milestone in InDrive’s efforts to expand its reach beyond ride-hailing.

Krave Mart, founded in 2021, is a rising player in Pakistan’s online grocery sector, competing with Delivery Hero SE’s Foodpanda. The platform processes thousands of orders daily and has launched a range of private-label products, including essentials like bread and handwash, to improve profit margins. With the fresh investment, Krave Mart aims to strengthen its presence within Pakistan while exploring opportunities to expand into new markets.

According to data from data.ai, InDrive operates in 46 countries and was the second-most downloaded ride-hailing app globally last year. Its unique fare negotiation model, allowing passengers and drivers to agree on pricing, has been a key factor in its widespread adoption. The company’s venture capital arm, led by Andries Smit, focuses on startups that align with InDrive’s mission to tap into underserved and high-potential markets.

Earlier this year, InDrive invested in micro insurer MIC Global as part of its emerging market strategy, with more deals reportedly in the pipeline.

Andries Smit, head of inDrive’s New Ventures unit, highlighted the strategic importance of the investment. He stated that while the partnership holds potential, it will take time to identify the most effective approach to collaboration. He emphasized that the initiative aligns with inDrive’s broader goal of evolving into a super app offering a diverse range of services beyond ride-hailing.

Smit expressed optimism about the partnership’s prospects, noting that the investment is part of inDrive’s long-term strategy to support startups that complement its vision.