Ride-Hailing Unicorn Uses Novel Instrument to Raise $150 Million
- Debt instrument links repayment to inDrive’s performance
- General Catalyst provided the funds for marketing and growth
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InDrive, the second-most downloaded ride-hailing app in the world, raised $150 million using an unusual debt instrument that links repayment to the company’s performance.
“Given the down market, we had to choose whether to offer equity or something that allows us not to put a price tag on the company,” Chief Financial Officer Dmitri Sedov said in an interview. “Since we didn’t desperately need the money, we decided to raise this kind of funding.”