Valuation: $1,2 billion
Business model: transport
Yakutia is a huge poor region with a small population in Russia. Due to the severe climatic conditions, hardly anyone dares to do business there. However, inDriver is a remarkable case. The Yakut company managed to expanse their services all over the world.
InDriver is an international service of freight and passenger transport. Their work is based on a Real-Time Deals model: the ride arrangements are determined after negotiations between a driver and passenger. Passengers make all payments for rides directly to drivers in cash or non-cash settlements. This helps make fare for rides with inDriver even lower.
InDriver operates both in small towns with a population of 10 thousand inhabitants, often with weak internet and without maps of the settlement, and in the largest cities with the highest level of competition, successfully adapting to the needs of the residents of any settlement.
The company was founded in 2013 in Yakutia. In the winter 2012, it was freezing: the temperature fell below -45 degrees. Local taxi drivers doubled the price for traveling around the town. In response to this, people created a social community ‘Independent drivers’ (inDriver). Its participants were supposed to send applications for a cab ride and offered their fare.
The overall ride turnover exceeded $300 million. In 2018, inDriver started international expansion: the company entered the markets of Central and Southern America. The head office was established in New York. In 2018, the startup launched the service in Tanzania and SAR.
During the pandemic, inDriver launched the program ‘Health worker is on the way’ in order to help medical attendants around the world. In spite of the quarantine, the company reached 50 million users in 2020.
InDriver entered the world top 3 taxi services along with Uber and DiDi. The company channeled new investments into the growth in 35 countries, entering new markets. Besides the startup is working on expanding the team.
Now the ride-hailing service has more than 100 million users operating in 546 cities from 34 countries. inDriver is the 2nd largest ridesharing and taxi apps worldwide by downloads. According to the latest round, the services is recognized as unicorn with Russian origin. This may inspire many other Russian companies to develop.
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