InDrive, the global ride-hailing giant, has made a significant investment in Pakistan-based grocery delivery startup Krave Mart, signaling its strategic move to expand its footprint in emerging markets.
The investment is part of InDrive’s broader venture capital initiative, which aims to allocate up to $100 million towards startups in developing regions.
Founded in 2021, Krave Mart operates as a quick-commerce platform, catering to the growing demand for fast grocery delivery in urban centers across Pakistan. Since its inception, the company has rapidly expanded, fulfilling thousands of orders daily and launching its own private-label products, including everyday essentials like bread and hygiene items. This focus on operational efficiency and private-label offerings has helped Krave Mart carve out a niche, even as competitors like Airlift have ceased operations.
Despite the economic challenges faced by Pakistan, Krave Mart has shown resilience, continuing to scale its operations while competing against industry heavyweights like Foodpanda, owned by Delivery Hero. The company’s robust growth is a testament to the evolving consumer behavior in Pakistan, where rising smartphone penetration and a shift toward online convenience have propelled the e-commerce sector forward.
InDrive, a global mobility and urban services platform headquartered in Mountain View, California, has seen rapid growth in its own sector, operating in 46 countries worldwide. Known for its unique approach to ride-hailing, which allows passengers and drivers to negotiate fares, InDrive was the second-most downloaded ride-hailing app globally in 2023, according to data from analytics firm data.ai.
InDrive app also topped the download charts in 13 countries, including key markets like Pakistan, Colombia, Egypt, Peru, and Morocco.
The partnership with Krave Mart is part of InDrive’s broader efforts to position itself as a “super app” – a platform that goes beyond ride-hailing to encompass a range of services.
The company’s New Ventures unit, led by Andries Smit, has focused on investments that align with InDrive’s long-term vision. In a statement to Bloomberg, Smit explained, “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.”
Krave Mart plans to use the investment to expand its operations, strengthen its technology infrastructure, and broaden its private-label offerings. A company spokesperson for Krave Mart stated, “We’re beyond excited to announce that InDrive has strategically invested in Krave Mart. This partnership is a step forward as we work towards making groceries more affordable and accessible for everyone in Pakistan.” The Krave Mart statement noted that they aim to expand their dark store network, enhance private label offerings, strengthen tech and logistics infrastructure, and drive sustainable growth.