Ride hailing firm InDrive gets license, eyes markets outside Metro Manila
InDrive: New ride hailing market player in PH
MANILA -The four-wheel ride hailing market dominated by Grab Philippines is about to welcome a new competitor after mobility services platform InDrive received its accreditation from the Land Transportation Franchising and Regulatory Board (LTFRB) to provide services in the country.
In a statement on Monday, InDrive said the LTFRB is now officially recognizing the company as a transport network company.
The ride-hailing service provider will activate its services initially in Bacolod, Baguio, Iloilo City, Cagayan de Oro and Butuan. It is currently in the process of onboarding drivers before officially launching services “soon.”
“As we embark on this exciting journey, we look forward to fulfilling the transportation needs of Filipinos, providing them with more choices, and contributing to the evolving landscape of urban mobility,” said Roman Ermoshin, InDrive director for Asia Pacific.
The app allows its users to select preferred driver based on driver rating, vehicle model and estimated time of arrival. At the same time, drivers can also choose their passengers according to pick-up point, destination and fare.
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Apart from this, InDrive CEO and founder Arsen Tomsky earlier told reporters their selling point as a ride-hailing app was their lower commission collection from driver-partners at below 10 percent compared to 20 percent to 30 percent for other companies. As such, InDrive can provide cheaper fares for passengers.
InDrive, founded in 2013, has presence in over 600 cities in 47 countries across five continents.
The company, which has Russian roots but is now headquartered in California, achieved unicorn status in 2021 when its valuation reached $1.23 billion. This year, it raised $150 million from private equity company General Catalyst Partners.
The ride-hailing market in the four-wheel segment is mainly dominated by Grab after it acquired Uber’s business in 2018.
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Prior to InDrive, another player was also eyeing to enter the market. Budget carrier AirAsia, in an interview with the Inquirer in April, said they were working on securing the requisite licenses to provide the ride-hailing service via the AirAsia Super App.
