Uber has invested $10 million in Indian fleet management startup Carrum Mobility, valuing the company at about $168 million as the ride-hailing group deepens its reliance on large operators for vehicles and drivers.
The Series B funding round gives Uber a stake in the “mid-teens” in Carrum, according to founder and chief executive Karan Jain. The post-money valuation has risen from ₹6 billion (around $63 million) following a $7 million investment by Uber in January.
Carrum supplies vehicles for Uber’s Go, Premier and Black services in India. Its 5,100-vehicle fleet operates across Bengaluru, Hyderabad, Mumbai, Pune, Delhi and Kolkata, while more than 18,000 drivers have been brought on to the platform.
The company’s fleet is made up mainly of hatchbacks, which account for about 70 per cent of its vehicles and are used for Uber Go. Sedans make up roughly 10 per cent for Premier, while the remaining 20 per cent are largely SUVs deployed on Uber Black.
Carrum is Uber’s biggest fleet partner for its Black service in India, Jain said. Unlike individual drivers, fleet operators purchase or finance vehicles, then recruit and train drivers to place large numbers of cars on ride-hailing platforms.
Uber Black operates exclusively through fleet partners in India because the premium service requires greater control over vehicles, drivers and service standards, according to Jain. He said Uber’s work with Carrum extends beyond a standard supplier relationship, with the companies jointly discussing product launches and the level of vehicle supply needed on the platform.
Carrum plans to more than double its fleet
Carrum is not formally exclusive to Uber, although Jain said it currently has no plans to provide vehicles to rival ride-hailing services. The startup aims to increase its fleet to about 11,000 vehicles over the next 12 months, while expanding into additional cities and investing in technology and recruitment.
The company reported revenue of about ₹2.33 billion (around $24.5 million) for the year to March 2026, up from approximately ₹620 million a year earlier. Net profit increased to about ₹70 million, compared with ₹35 million the previous year.
Carrum generates annualised revenue of roughly ₹4.3 billion, or about $45 million, Jain said. It generally finances its vehicles through borrowing and pays between 10 and 15 per cent of each purchase price upfront.
The company’s borrowing costs have fallen by about 40 per cent over the past year, which Jain attributed to its profitability, stronger balance sheet and backing from Uber.
Jain, a former McKinsey consultant who previously founded car-rental business Revv, launched Carrum in 2024 after Revv was acquired by Indian automotive marketplace CarDekho. CarDekho was Carrum’s first investor and remains a backer.
Carrum’s longer-term ambition is to become a global fleet partner for Uber. Jain declined to say whether the companies had discussed extending their partnership beyond India.
