Uber invests $10M in Indian fleet operator Carrum at $168M valuation
Uber invested $10 million in Indian fleet operator Carrum Mobility as part of a Series B round that values the startup at ₹16 billion (about $168 million) post-money. Carrum, founded in 2024 by Karan Jain, currently operates roughly 5,100 vehicles across six Indian cities and is a key supplier to Uberor multiple service tiers including its premium Uber Black.
Why It Matters
The deal highlights Uber reasingly relying on large fleet operators to supply vehicles and drivers in India, especially for premium services that demand tighter control over vehicles and service standards. Backing from Uber also appears to have strengthened Carruminancial position and reduced its borrowing costs.
Key Facts
- Investor: Uber
- Investment amount: $10 million
- Post-money valuation: ₹16 billion (about $168 million)
- Previous investment by Uber: $7 million (January), prior post-money valuation ₹6 billion (~$63 million)
- Founder and CEO: Karan Jain
Uber has put $10 million into Carrum Mobility in a Series B financing that values the Indian fleet-management company at ₹16 billion (roughly $168 million) post-money. Founder Karan Jain told TechCrunch that Uber urrent holding is in the "mid-teens" percentage range following the new tranche; Uber had previously invested $7 million in Carrum in January.
Carrum was launched in 2024 by Jain, a former McKinsey consultant who previously founded car-rental startup Revv. Revv was acquired by automotive marketplace CarDekho in 2023, and CarDekho remains an investor in Carrum. The startup today operates about 5,100 vehicles and has onboarded more than 18,000 drivers across Bengaluru, Hyderabad, Mumbai, Pune, Delhi and Kolkata, Jain said.
The company supplies vehicles to Uber for multiple service tiers, including Uber Go, Premier and the premium Uber Black. About 70% of Carrumleet are hatchbacks used for Uber Go, roughly 10% are sedans for Premier, and around 20% are SUVs largely deployed on Uber Black; Carrum is Uber iggest fleet partner for the Black service in India. Jain noted that Uber Black in India operates exclusively through fleet partners because the tier requires closer control over cars, drivers and service standards.
Financially, Carrum reported revenue of about ₹2.33 billion (around $24.5 million) for the year ended March 2026, up from about ₹620 million (roughly $6.5 million) a year earlier, and net profit rose to roughly ₹70 million (about $736,000) from ₹35 million (about $368,000). The startup said it is generating annualized revenue near ₹4.3 billion (around $45 million). Carrum typically finances vehicles with debt while contributing about 10%–15% of purchase price upfront; Jain said borrowing costs have fallen roughly 40% over the past year, which he attributed to a stronger balance sheet, profitability and Uber acking.
Looking ahead, Carrum plans to more than double its fleet to about 11,000 vehicles over the next 12 months and use the new capital to enter additional cities, bolster its technology platform and expand hiring. Jain also said the company ultimately wants to become a global fleet partner for Uber, though he declined to say whether they have discussed expanding the partnership beyond India. While Carrum is not exclusive to Uber, Jain added the startup currently has no plans to supply vehicles to rival ride-hailing platforms.