CarDekho Group, a leading player in the automotive ecosystem, has made a strategic investment in Carrum, a fleet management services company, to enhance its presence in the shared mobility sector. This move is part of CarDekho’s broader strategy to build a comprehensive ecosystem of mobility solutions and strengthen its footprint in the rapidly growing shared mobility space.
Carrum, founded in early 2024 by Karan Jain, the former founder of Revv, has quickly scaled its operations to manage over 500 vehicles in Bengaluru and Hyderabad. With CarDekho’s investment, Carrum plans to accelerate its growth trajectory and expand its fleet to over 2,000 vehicles across major Indian cities by the end of the fiscal year 2025. This partnership comes after CarDekho’s acquisition of Revv in 2023, reinforcing its commitment to developing innovative and sustainable mobility solutions.
Karan Jain, founder of Carrum, expressed his enthusiasm about the partnership, stating, “This investment comes at the perfect time for us. With CarDekho as a strong partner, we can leverage the group’s capabilities to innovate and expand our service offerings within the mobility sector. We remain committed to enhancing the lives of our driver partners, creating a long-lasting impact at scale.” Carrum has been reported as profitable and cash flow positive, which positions it well for rapid expansion.
Amit Jain, Co-founder and CEO of CarDekho Group, highlighted the group’s commitment to responsible growth and innovation, saying, “Our investment in Carrum is not just about growth and expansion; it’s about reducing the carbon footprint across Indian cities while empowering the mobility needs of Bharat 2.0.” The investment aligns with CarDekho’s vision of fostering sustainable mobility solutions that benefit both society and the environment.
CarDekho Group, valued at $1.5 billion, operates across various verticals, including Insurtech through InsuranceDekho, Fintech via Rupyy, and content platforms such as CarDekho.com and BikeDekho. This new investment in Carrum is expected to bolster CarDekho’s position in the shared mobility sector and support its goal of creating an innovative and sustainable mobility ecosystem.
Summary:
- Strategic Investment: CarDekho Group invests in Carrum to enhance its mobility portfolio and expand its footprint in the shared mobility space.
- Growth and Expansion Plans: Carrum, with CarDekho’s support, aims to scale its fleet to over 2,000 vehicles by FY25, focusing on major Indian cities.
- Commitment to Sustainability: CarDekho’s investment reflects its commitment to sustainable mobility solutions that reduce the carbon footprint and address the mobility needs of a diverse user base.