Ride-hailing giant inDrive has invested in the Pakistani online grocery delivery firm Krave Mart as part of its strategy to expand into emerging markets. While the deal’s value remains undisclosed, the investment will enable Krave Mart to strengthen its presence in Pakistan and explore new markets.
Headquartered in Mountain View, California, inDrive launched a $100 million venture capital initiative in 2022 to support innovative startups in developing regions. Recent investments include micro-insurer MIC Global. Operating in 46 countries, inDrive stands out by allowing passengers and drivers to negotiate fares. It was the world’s second-most downloaded ride-hailing app in 2017, according to data.ai.
Founded in 2021, Krave Mart competes with Foodpanda and processes thousands of daily orders. The company has boosted profitability by introducing a range of private-label products, from everyday essentials like bread to personal care items such as handwash.
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