Connect with us

Finance

InDrive Secures $150 Million In Further Financing

Published

on

InDrive Secures 0 Million In Further Financing

InDrive, the ride-hailing app, has secured a $150 million deal from investors to bolster its product and market expansion plans.

The $150 million investment is from General Catalyst and comes just over a year after a similar deal with the firm, bringing the debt financing to $300 million.

According to inDrive, the new money will be used to expand into new markets and develop new products. It recently launched a financial services product to provide financing for drivers on its app.

Advertisement

“This financing will support our marketing investments across the existing footprint of inDrive and help us with targeted launches in a handful of new countries and in new cities within the existing countries of operations,” Dmitry Sedov, chief financial officer, at inDrive said.

Last year the company entered the US with a tentative launch in Florida where it is slowly building up a user base for its negotiating model for ride-hailing fees. On the app, passengers can negotiate a fee for their trip with their driver, opposed to the set fees typically seen on ride-hailing and taxi apps.

The company was founded in Russia and is now headquartered in the US but it has largely focused on developing markets.

“Securing this financing from General Catalyst empowers us to continue our rapid growth and innovation while maintaining a strong financial position and financial flexibility,” Sedov said.

Advertisement

“This financial structure is designed to support our ambitious plans without introducing additional risk to our operations.”

InDrive stated that it saw a 54% increase in net revenue in 2023 but did not disclose any specific revenue figures.

The company recently expanded into financial services. It rolled out loans and credit cards for drivers in Mexico.

“We’re scaling in Mexico first and considering launching in other geographies, with an initial focus on Latin America,” Sedov said of inDrive’s move into financial services.

Earlier this year, the company’s president said that financial products would bolster its presence in developing markets where its drivers struggle with access to financing through traditional banks.

Advertisement

InDrive also recently unveiled a $100 million investment arm to back ventures in these emerging markets.

Pranav Singhvi, managing director of General Catalyst, said inDrive has a “robust mission that positively impacts communities globally.”

“With the latest financing arrangement, inDrive is poised for further growth in 2024. This strategic financial support will aid inDrive in expanding its service offerings, and strengthening its global presence, all while adhering to its core mission of challenging social injustice and promoting equitable access to mobility services.”

Continue Reading
Advertisement
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Finance

Downing & Co. Elevates Financial Legacy With Expert Estate Planning Services in Portland

Published

on

Downing & Co. Elevates Financial Legacy With Expert Estate Planning Services in Portland

Portland-based CPA firm helps clients safeguard their wealth and secure their family’s future with comprehensive estate planning services.

PORTLAND, OREGON / ACCESSWIRE / December 26, 2024 / In a city renowned for its entrepreneurial spirit and thriving businesses, Downing & Co. is taking a bold step forward in helping Portland residents protect what matters most: their legacy. The firm offers specialized estate planning services, designed to ensure their clients’ wealth is preserved and passed down seamlessly to future generations.

With over five decades of experience in financial strategy, Downing & Co. brings a trusted, proactive approach to estate planning. As Portland’s go-to CPA firm, they’ve built a reputation for delivering personalized solutions that go beyond typical financial management. Their estate planning services focus on reducing tax burdens, avoiding costly mistakes, and ensuring assets are distributed according to the client’s wishes.

“Estate planning isn’t just about financial protection-it’s about preserving your life’s work and values for the people you care about,” said Tim Downing, Managing Principal at Downing & Co. “Our goal is to provide peace of mind by ensuring that clients’ wealth stays where it belongs-within their family and community.”

Why Estate Planning Matters in Portland

Advertisement

For high-net-worth individuals and small business owners, estate planning is critical in Portland’s competitive economic landscape. Without a clear plan, families risk losing up to 40% of their inheritance to taxes and government regulations. By offering expert guidance and strategic structuring, Downing & Co. ensures clients avoid these pitfalls while safeguarding their financial legacy.

Key benefits of Downing & Co.’s Estate Planning Services include:

  • Minimizing Estate Taxes: Advanced planning can reduce the tax burden on your estate, ensuring more of your wealth is retained by your heirs.

  • Efficient Wealth Transfer: Clear strategies streamline the process of passing on assets, reducing legal challenges and delays.

  • Preserving Family Legacies: Customized solutions ensure your assets align with your values, supporting the people and causes you care about most.

  • Proactive Risk Mitigation: Estate plans address potential legal and financial risks, protecting your wealth against unforeseen challenges.

A Holistic Approach to Financial Security

Downing & Co.’s Estate Planning Services are part of a broader commitment to comprehensive financial management. Their holistic approach integrates tax planning, wealth preservation, and business advisory services to create a seamless strategy that addresses every aspect of a client’s financial well-being.

Advertisement
Advertisement
Continue Reading

Finance

Stock market today: Dow, S&P 500, Nasdaq fall after Christmas break

Published

on

Stock market today: Dow, S&P 500, Nasdaq fall after Christmas break

US stocks fell Thursday as trading resumed after the Christmas holiday, as Wall Street digested one of the only economic data points of the week.

The S&P 500 (^GSPC) was down 0.3% while the the tech-heavy Nasdaq (^IXIC) declined 0.3%. The Dow Jones Industrial Average (^DJI) lost 0.4%, leading the way down.

Meanwhile, bitcoin (BTC-USD) slumped, falling below the $96,000 level as volatile trading continued. Crypto-linked stocks like MicroStrategy (MSTR) tracked the declines.

Markets looked to be struggling in a bid to extend the start of the “Santa Claus rally,” which kicked off with a bang on Tuesday. All three major indexes rose around 1%. The S&P 500 (^GSPC) and Nasdaq Composite (^IXIC) are within striking distance of their records after clawing back gains from a Fed-fueled dive last week.

As Wall Street saunters back from its holiday break, the normally routine release on weekly jobless claims took more of a spotlight than usual, as the only piece of the jobs puzzle on the docket this week.

Advertisement

Labor Department data released prior to the market open showed weekly jobless claims fell to 219,000 compared with expectation of 223,000. However continuing claims surged to 1.19 million in the week ending December 14 to the highest level since November 2021, in a sign the labor market may be cooling.

LIVE 1 update

Continue Reading

Finance

Former Finance Manager of Historic Sotterley Charged with Embezzlement of $15,000

Published

on

Former Finance Manager of Historic Sotterley Charged with Embezzlement of ,000

Angela Marie Hanson, 52, of California, Maryland, has been indicted on charges of embezzlement and theft following allegations of financial misconduct during her tenure as Finance Manager for Historic Sotterley, Inc. According to court documents, Hanson is accused of stealing nearly $15,000 over a five-month period from October 31, 2023, to April 15, 2024.

Hanson, who oversaw financial operations at the historic property, is scheduled for her initial court appearance in the Circuit Court for St. Mary’s County on January 13, 2025. She faces a felony charge of theft scheme involving $1,500 to $25,000, a misdemeanor embezzlement charge, 50 counts of theft between $100 and $1,500, and 17 counts of theft under $100.

Authorities allege that Hanson misappropriated funds using a debit card linked to Historic Sotterley’s “Museum Shop” account. Over 50 ATM withdrawals and several unauthorized purchases were reportedly made at local businesses, including gas stations and convenience stores.

Court filings claim Hanson also transferred funds between Historic Sotterley’s accounts to conceal her activities. Investigators allege that Hanson continued these actions even after her employment ended in February 2024.

The St. Mary’s County Sheriff’s Office led the investigation, which included reviewing banking records, witness testimony, and surveillance footage. Historic Sotterley’s Executive Director identified Hanson as the only individual with access to financial systems and administrative rights during the period in question.

Advertisement

Investigators state that surveillance footage shows Hanson conducting ATM withdrawals using the organization’s debit card. When questioned by law enforcement, Hanson acknowledged managing Historic Sotterley’s finances but denied any intent to defraud.








Advertisement
Continue Reading
Advertisement

Trending