Goldman’s Dmitri Sedov moves to tech unicorn inDriver

Goldman’s Dmitri Sedov moves to tech unicorn inDriver
In his time with one of the most successful investment banks in Russia, Sedov built up an experienced team and oversaw big transactions across a range of sectors. / Image: HBS Digital Initiative.
By Theo Normanton in Moscow February 18, 2022

Dmitri Sedov, co-head of Goldman Sachs Russia, will become CFO of mobility platform inDriver. The move is expected to be announced today by inDriver, which describes itself as “one of the fastest growing international mobility platforms”, offering customers access to a range of services in one place – from ride hailing and freight to designers.

Sedov has been with Goldman Sachs for 15 years, where he has gained extensive experience across a range of industries, including tech, transportation, and consumer sectors. In his time with Goldman, he oversaw big transactions in Russia and the Commonwealth of Independent States.

During his time with the Bank, Sedov has built up an experienced investment banking team in Russia. The Russia leadership team also includes Tim Talkington, who is CEO of the bank’s Russia branch, and a member of the board of directors. Talkington has been with Goldman Sachs for more than 15 years. Also on the team is managing director Maxim Klimov, a Partner who has worked with the bank for around 25 years. Klimov heads up Goldman Sachs’ highly successful private equity business in the region.

“While many international banks have scaled back in recent years (some even shut down operations), Goldman Sachs have maintained a very consistent presence, and have one of the largest and strongest teams in the country,” said a source in the Russian market.

Goldman Sachs is ranked first among investment banks in Russia for M&A and ECM underwriting over the past three years, according to research by financial markets platform Dealogic. With around 16% of market share, Goldman Sachs is trailed by Citibank and Morgan Stanley.

After a successful career in investment banking, Sedov has taken the opportunity to join a fast-growing tech business. As of February 21, he will become CFO at inDriver, where he will oversee the company’s financial and strategic development as it tries to capitalise on a rapid growth spurt.

Sedov is moving to inDriver, which started off in Siberia as a peer-to-peer pricing service, allowing taxi drivers to negotiate fares with clients without either party feeling hard done by. Having grown into a ride-hailing app, inDriver’s platform then grew to incorporate a range of other service verticals – freight, couriers, even tuition – all based on the principle of free choice.

With over 120 million downloads, inDriver is now an international company based in California, but operating across four different continents. A significant part of Sedov’s job will be facilitating its further expansion into new markets and segments.

The company also noted in its press release that Sedov’s expertise in negotiating the public equity markets may come in useful, hinting at a possible fundraising round on the horizon.

“The mission of inDriver is to develop ourselves and the world around us, including through new technologies. We are delighted that Dmitri has joined our strong top management team as CFO. He is one of the most well-known and respected senior executives in the financial community, with extensive experience in corporate finance, business development, mergers and acquisitions, financial risk management and capital raising in the public financial markets,” said Arsen Tomsky, founder and CEO of inDriver.

inDriver has now doubled its financial performance for several consecutive years. In 2021, the company grew by a factor of 2.3 as it began to offer service verticals outside of mobility. The company employs over 1,700 people worldwide. In early 2021, inDriver achieved unicorn status after closing a $150m investment round with Insight Partners, General Catalyst and Bond Capital, which gave it a total valuation of $1.23bn.

"Having started its business in Eastern Siberia just 9 years ago, inDriver now operates in 39 countries worldwide, continuing its international expansion journey at an impressive pace. The company continues to maintain a focus on financial and operational efficiency. With inDriver's gross margin now standing at 85%, the company is able to pour investors' resources into business growth opportunities with a high return on investment. I am confident that the company's existing business model, based on transparent peer-to-peer pricing, the culture, energy and talent of the team will make sure that the service continues to grow and compete successfully, not only in passenger transportation but in other areas as well, and generate meaningful investment value for its shareholders. I am delighted to join inDriver at this exciting time and make my contribution to the development of the company," said Dmitri Sedov.