Carrot.mx

About Carrot.mx

Carrot.mx emerged in 2012 as a pioneering car-sharing service in Mexico, co-founded by Jimena Pardo and Diego Solorzano. The venture was born from a desire to address the challenging mobility and traffic problems in Mexico City and to create a business with a tangible social impact. Pardo, an Industrial Engineering graduate, and Solorzano launched the company with a bold, bootstrapped approach, initially funding the first three cars with their personal credit cards after facing difficulties in securing initial financing.

The company operates on a straightforward business-to-consumer model, allowing users to rent vehicles by the hour or by the day through its platform. This service provides a practical alternative to car ownership, targeting individuals in large urban centers. The business generates revenue directly from these rentals. By offering a convenient and accessible fleet of shared cars, Carrot.mx aims to encourage the use of public transportation and reduce the number of privately owned vehicles on the road.

The service proved to have a significant effect on consumer behavior, with reports indicating that 20% of its customers sold their personal cars and 70% postponed the decision to buy a new vehicle after using the service. Carrot secured a Series B funding round in 2014, led by Venture Partners Mexico, with participation from Auria Capital and Mexico Ventures, to fuel an aggressive growth strategy. This capital was aimed at expanding the fleet to 300 cars and reaching 10,000 users, with plans to operate in Mexico's fifteen most populated cities.