Ride-hailing giant inDrive, valued as a unicorn, has made a notable strategic investment in Pakistan’s rapidly growing grocery delivery startup, Krave Mart. This move marks another significant step in the company’s efforts to expand its footprint in emerging markets, with a focus on high-potential startups in key industries.
Headquartered in Mountain View, California, inDrive has been making strides in diversifying its investment portfolio through the launch of its dedicated venture capital arm last year. The new unit aims to direct up to $100 million into startups across emerging markets, focusing on sectors that align with inDrive’s core business, including mobility, e-commerce, and logistics. This latest investment in Krave Mart reflects the company’s commitment to exploring growth opportunities in regions where digital services are rapidly gaining traction.
Krave Mart, a promising player in Pakistan’s grocery delivery sector, has been gaining attention for its efficient service that connects local grocers with customers through a seamless mobile app. The grocery delivery space in Pakistan has seen tremendous growth as more people turn to online platforms for daily essentials, especially in urban areas. The partnership between inDrive and Krave Mart is expected to help accelerate the expansion of Krave Mart’s offerings and strengthen its market position as the demand for online grocery shopping continues to rise.
In an interview with Bloomberg, Andries Smit, the head of inDrive’s New Ventures unit, explained that the company is focused on identifying investment opportunities that complement inDrive’s existing services. The company’s venture arm has already made a strategic partnership with micro-insurer MIC Global earlier this year and is reportedly preparing for another investment deal in the near future. While the exact value of the deal with Krave Mart was not disclosed, sources indicate that the funding will help propel Krave Mart’s technological infrastructure and operational capabilities, further improving its customer service and expanding its market reach.
The investment is also seen as part of inDrive’s broader strategy to increase its presence in high-growth regions such as Pakistan, where the rise of e-commerce and delivery services presents significant opportunities. By supporting startups like Krave Mart, inDrive aims to play an influential role in shaping the digital landscape in these regions, creating synergies between its ride-hailing business and other emerging services like grocery delivery.
The move comes at a time when the grocery delivery market in Pakistan is witnessing a surge in demand, fueled by increasing smartphone penetration, better internet connectivity, and changing consumer behaviors. This investment could provide inDrive with valuable insights into the local market while helping Krave Mart scale its business and refine its service model in line with customer needs.
As inDrive continues to explore strategic investments in emerging markets, its partnership with Krave Mart showcases the company’s growing interest in diversifying its business portfolio and supporting the development of local startups with innovative solutions. With significant backing and expertise from inDrive, Krave Mart is poised to expand its operations, improve service delivery, and meet the growing demand for efficient grocery delivery services in Pakistan.
This investment is just the beginning of inDrive’s ambitious plan to invest in emerging markets, and with more deals reportedly in the pipeline, the company seems poised to play a pivotal role in shaping the digital economy in these regions.
