"Bid-based" ride-hailing platform InDrive, formerly known as inDriver, launched in Miami. InDrive allows customers to bid on fares for upcoming rides while drivers can accept or counter the offer. InDrive has raised $387M in total funding, per Crunchbase. - The firm raised $150M in debt funding earlier this February from General Catalyst to pursue aggressive expansion.
- It has added 15 Nigerian cities to its network.
- With the expansion into South Florida, InDrive caters to residents in 655 cities across 48 nations.
- InDrive has a presence in Mexico, Colombia, Peru, Brazil, Ecuador, Indonesia, Pakistan, and India.
- 3,500 drivers in South Florida have already signed up for the launch.
InDrive is waving off its commission until Jan. 2024, giving drivers 100% of earnings from each fare minus the airport fees and highway tolls. - The firm faces stiff competition from Uber and Lyft. However, it expects to undercut them by charging lower fees of 10% compared to the 25% cut taken by Uber and Lyft.
*Note: Inside.com CEO and founder Jason Calacanis is an investor in Uber. |
