InDrive invests $10 million in Pakistan's Krave Mart

InDrive, a global ride-hailing company, has invested $10 million in Krave Mart, a fast-growing grocery delivery startup based in Pakistan. This investment aims to help Krave Mart expand its services in Pakistan and possibly enter new markets. InDrive's investment is part of a larger strategy started in 2023, where the company has committed $100 million to support startups in developing countries. Krave Mart, launched in 2021, offers quick grocery delivery services and has experienced significant growth since receiving InDrive's funding. Kassim Shroff, the founder and CEO of Krave Mart, stated that the company has tripled its growth and improved delivery times, which had slowed due to previous financial issues. He highlighted that Krave Mart is managing its cash flow well, which is essential for its long-term success. The company plans to continue expanding its product range and maintaining competitive pricing. With the new funding, Krave Mart intends to grow further within Pakistan and explore opportunities in other markets. The startup is performing well in a tough economic environment, outperforming competitors like Airlift and Cheetay, which have shut down. Krave Mart competes with larger companies such as Foodpanda, focusing on private-label products and efficient operations. InDrive’s investment aligns with its goal of becoming a super app, which combines multiple services into one platform. This partnership will allow Krave Mart to be listed on the InDrive app, enhancing the super app ecosystem. InDrive has expanded into 46 countries and is known for allowing fare negotiation between drivers and passengers. The company’s investment in Krave Mart follows a similar funding effort in a grocery delivery startup in Kazakhstan, emphasizing its commitment to growth in emerging markets.