Flying cars and other futuristic gadgets are nice, but they’re not what the world needs right now when so many people don’t have access to basic transportation, according to Mark Loughran, President and Deputy CEO of mobility and urban services platform inDrive.
Speaking at the MOVE conference that gathered more than 5,000 tech and transportation professionals in London this week, he cited many wild predictions in the mobility space that were said to come true by 2024 – like flying and self-driving cars or the hyperloop becoming the norm – none of which have become game changing mass products in transportation quite yet.
“Solving the more pressing problems at hand is what’s important,’’ Loughran told the audience of industry insiders. Accessibility of mobility and related services for all people, no matter where they live should be the first and foremost focus for the industry because “having access to affordable transportation means having access to jobs, being able to see loved ones and have a fuller life.’’
Ride-hailing and car sharing are playing an important role in improving access to transportation across emerging markets. Latin America is expected to post a 26% compound annual growth rate (CAGR) in car-sharing between 2021 and 2026, according to a report from MarkNtel. In the Middle East and Afric the ride-hailing service market is expected to expand from $4.1bn in revenue in 2021 to $7.4bn in 2028, for a CAGR of 9%, according to Business Market Insight, with e-hailing comprising a substantial share of new growth.
Loughran reiterated that inDrive continues to focus on underserved communities, as the company stays true to its founding principles while continuing to expand and diversify its offering and geographic reach.
inDrive was created over a decade ago in Yakutsk, the coldest city in the world, to make ridesharing services available for a price that both drivers and passengers agreed to be fair. Now operating in 46 countries, inDrive’s super mission continues to be to challenge injustice. Operating predominantly in emerging markets, inDrive is expanding its ridesharing footprint to underserved areas and adding new services.
The company launched ridesharing in the greater Miami region of the United States last year, and started piloting financial services for drivers in Mexico in March, 2024. It also created New Ventures, its corporate M&A arm, to invest in promising startups that are growing quickly, have healthy economics and cash flow, are achieving positive community impact and show potential for future international expansion.
New Ventures is focusing on the markets where inDrive currently operates, looking at startups in sectors adjacent to mobility. The company sees this as one way of supporting the so called ‘underdogs’ – companies founded away from financial centers of the world, making it harder for them to raise capital compared with Silicon Valley startups.
“With everything we do, our larger goal is to challenge injustice and improve people’s lives,’’ Loughran said.
