In a strategic move to solidify its super-app ambitions across emerging markets, global mobility and urban services platform inDrive has announced a $10 million investment in Pakistan’s quick commerce startup, Krave Mart. This injection of capital, confirming earlier reports from December 2024, is poised to fuel Krave Mart’s rapid expansion within Pakistan and lay the groundwork for potential ventures into other burgeoning markets, marking a significant step in inDrive’s broader strategy to integrate diverse services into its platform.
Founded in 2021, Krave Mart has quickly carved out a niche in Pakistan’s competitive quick commerce space, offering fast and efficient grocery deliveries to urban households. The company’s business model prioritizes operational efficiency, product assortment, and competitive pricing, which has allowed it to remain resilient despite the challenges facing the sector. The fresh funding from InDrive has fueled Krave Mart’s rapid expansion, with CEO Kassim Shroff confirming that the startup has tripled its growth since the investment. Additionally, the company has been able to improve its delivery times, which had suffered due to financial constraints before securing this backing.
Shroff emphasized that Krave Mart has managed to achieve this growth while maintaining a slow cash burn, a critical factor in ensuring the business’s long-term sustainability. This disciplined approach to spending sets Krave Mart apart in a market where many competitors have struggled to balance expansion with financial viability. The investment has also allowed the startup to enhance its product offerings and strengthen its market position against established players. Pakistan’s quick commerce sector has witnessed turbulence in recent years, with prominent players such as Airlift and Cheetay exiting the market due to financial challenges. Despite the difficult economic environment, Krave Mart has managed to sustain its operations and grow its market share, positioning itself as a formidable competitor to giants like Foodpanda, which is backed by global delivery giant Delivery Hero. By focusing on private-label products and streamlining logistics, Krave Mart has been able to maintain a competitive edge in key urban centers.
For InDrive, this investment represents more than just a financial stake—it aligns with the company’s broader ambition of evolving into a super app. Andries Smit, the head of InDrive’s New Ventures unit, highlighted that the company’s investment approach is centered around expanding its digital ecosystem. “Our strategy is to become a super app, and we are optimistic that our partnership with Krave Mart will contribute significantly to that vision,” Smit stated. As part of this plan, Krave Mart’s services will be integrated into the InDrive app, further strengthening InDrive’s presence in Pakistan’s digital economy. InDrive, which currently operates in 46 countries, has built its reputation on a unique ride-hailing model that allows passengers and drivers to negotiate fares. This approach has contributed to its massive global success, making it the second-most downloaded ride-hailing app in 2024, according to data.ai. The company’s expansion beyond ride-hailing is evident in its investment strategy, which includes a recent partnership with micro-insurer MIC Global and a similar funding deal with Kazakhstani grocery delivery startup Ryadom. These moves reflect InDrive’s growing interest in building a diverse portfolio of digital services across emerging markets.
The investment in Krave Mart also signals renewed optimism in Pakistan’s startup ecosystem, which has faced significant funding constraints over the past two years. With this capital injection, Krave Mart is well-positioned to accelerate its growth, expand its operations within Pakistan, and potentially explore international markets. The funding will enable the startup to invest in technology, logistics, and customer experience, ensuring that it remains a key player in Pakistan’s evolving e-commerce landscape. As the quick commerce sector continues to evolve, Krave Mart’s ability to maintain its growth trajectory and financial discipline will be critical to its long-term success. With the backing of InDrive and a clear vision for expansion, the company is poised to become a leading force in Pakistan’s digital economy, shaping the future of online grocery delivery in the country.
Source: Krave Mart / InDrive
