Ride-hailing Unicorn InDrive Invests in Pakistan’s Grocery Startup Krave Mart
Krave Mart delivery riders check orders at one of the company’s locations in Karachi.
Photographer: Asim Hafeez/BloombergRide-hailing unicorn inDrive has made a strategic investment in Pakistan’s grocery delivery startup Krave Mart, part of an effort to explore opportunities in emerging markets.
The Mountain View, California-based company created a venture capital arm last year with an aim to invest as much as $100 million in startups in emerging markets. It invested in micro insurer MIC Global in June as part of a strategic partnership while one more deal is in the pipeline, according to Andries Smit, head of inDrive’s New Ventures unit. The investment arm focuses on targets that align with InDrive’s business, Smit said in an emailed response to Bloomberg. He didn’t disclose the size of the deal with Krave Mart.