Ride-hailing unicorn inDrive invests in Pak’s grocery startup Krave Mart

Ride-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, reports Bloomberg.

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.

InDrive, which operates in 46 countries, allows passengers and drivers to negotiate the fare. The company said it was the second-most downloaded ride-hailing app in the world last year, citing data.ai.

Founded in 2021, Krave Mart is an online grocery delivery platform that transports thousands of orders a day, competing with Delivery Hero SE’s Foodpanda in Pakistan. It has launched hundreds of private label products to boost its profit margins, with offerings that range from bread to handwash. The funding allows Krave Mart to increase its footprint in Pakistan and explore growth in new markets, inDrive said in a statement. “While we are eager to explore this collaboration, it will take time to determine the most effective approach,” Smit said. “This strategy aligns with inDrive’s long-term vision for becoming a super app, and we are optimistic about the potential this offers for the future.”