November 21: Ride-sharing platform InDrive has announced the New Ventures Investment with the aim of investing up to US$100 million in startups with high potential.
The company has handed over the leadership of New Ventures Investment to InDrive Vice President Andrew Smith. The company has also set certain criteria for investment. The company says that the startups seeking investment should have plans for social justice and raising the living standards of individuals and communities. Also, the local startups with the potential for global expansion will be given preference, said InDrive.
The company informed that startups that have already been established in the market will be prioritized.
Vice President Andrew Smith said that by investing in companies capable of making innovations that improve people's lives, they will help expand the capacity and reach of such companies.
Mark Larkin, president of InDrive, said the main objective of the New Ventures Investment is to identify startups outside of traditional innovation hubs that have been overlooked but have high growth potential.