Uber invests $10M in Indian fleet operator Carrum at $168M valuation

Uber has invested $10 million in Indian fleet management startup Carrum Mobility in a Series B round as the ride-hailing giant increases its reliance on large fleet operators to supply vehicles and drivers in the South Asian nation.

The new investment values Carrum at ₹16 billion (about $168 million) post-money, founder and CEO Karan Jain told TechCrunch, up from a post-money valuation of ₹6 billion (around $63 million) after Uber invested $7 million in the firm in January. Jain said Uber now owns a stake in the “mid-teens” in Carrum.

A former McKinsey consultant who previously founded car-rental startup Revv, Jain started Carrum in 2024 after Indian automotive marketplace CarDekho acquired his earlier company in 2023. CarDekho was also Carrum’s first investor and remains a backer.

Carrum now owns about 5,100 vehicles across Bengaluru, Hyderabad, Mumbai, Pune, Delhi, and Kolkata, and has onboarded more than 18,000 drivers. The startup is currently generating annualized revenue of about ₹4.3 billion (around $45 million), Jain said.

The startup supplies vehicles to Uber in India for its entry-level Uber Go, Premier, and the premium Black tiers. About 70% of its fleet are hatchbacks used for Uber Go, around 10% are sedans for the Premier tier, and about 20% are SUVs, largely deployed on Uber Black. Carrum is Uber’s largest fleet partner for Black in India, Jain added.

Unlike individual drivers who typically own or finance their vehicles, operators such as Carrum can put thousands of cars on Uber while recruiting and training drivers.

The business model may be growing important for premium offerings. Jain said Uber Black in India operates exclusively through fleet partners, as the service requires tighter control over vehicles, drivers, and service standards. He also said Uber’s preference for fleet operators has become part of its supply strategy in other markets.

Uber’s relationship with Carrum goes beyond a typical commercial arrangement, Jain said. The two companies are working on new product launches and planning how much vehicle supply to add to the ride-hail giant’s platform.

Carrum is not exclusive to Uber, but Jain said his startup currently has no intention of supplying vehicles to rival ride-hailing platforms.

The startup generated revenue of about ₹2.33 billion (around $24.5 million) in the year ended March 2026, up from around ₹620 million (about $6.5 million) a year ago, and net profit rose to about ₹70 million (around $736,000) from ₹35 million (about $368,000), Jain said.

Carrum typically finances its vehicles with debt while funding about 10% to 15% of their purchase price up front, Jain said. The firm’s borrowing costs, he stated, have fallen about 40% over the past year, which he attributed to its stronger balance sheet, profitability, and Uber’s backing.

Over the next 12 months, Carrum plans to more than double its fleet to about 11,000 vehicles, Jain said. The startup also plans to use the new capital to expand into more cities, strengthen its technology platform, and hire as it scales.

Ultimately, Carrum’s ambitions extend beyond India, Jain said, noting that the startup wants to eventually become a global fleet partner for Uber. He declined to say whether the two companies have specifically discussed expanding their partnership outside India.