Uber has injected $10 million into Carrum Mobility, an Indian fleet management startup, as part of a Series B funding round. This latest investment values Carrum at approximately $168 million, a significant increase from its $63 million valuation earlier this year when Uber first invested $7 million. Uber now holds a stake estimated in the mid-teens percentage range.
Founded in 2024 by Karan Jain, a former McKinsey consultant and founder of car-rental startup Revv, Carrum manages a fleet of around 5,100 vehicles across major Indian cities including Bengaluru, Hyderabad, Mumbai, Pune, Delhi, and Kolkata. The company has onboarded over 18,000 drivers and generates an annualized revenue of about $45 million.
Carrum supplies vehicles to Uber for various service tiers such as Uber Go, Premier, and the premium Uber Black. Notably, about 70% of Carrum’s fleet consists of hatchbacks used for Uber Go, with sedans and SUVs making up the rest. Carrum is Uber’s largest fleet partner for the Black service in India, which operates exclusively through fleet operators to maintain higher standards of vehicle and driver quality.
This partnership reflects Uber’s broader strategy to increase reliance on fleet operators rather than individual drivers who own or finance their vehicles. Fleet operators like Carrum can deploy large numbers of cars while managing driver recruitment and training, which is particularly important for premium ride services requiring consistent quality.
Beyond a typical supplier relationship, Uber and Carrum collaborate on new product developments and coordinate vehicle supply planning. While Carrum is not exclusive to Uber, it currently does not plan to work with competing ride-hailing platforms.
Carrum’s financial performance has improved substantially, with revenue rising from about $6.5 million in the year ending March 2025 to $24.5 million in the following year. Net profit also doubled during this period. The company finances most of its vehicle purchases through debt, with borrowing costs decreasing by around 40% over the past year, aided by its improved financial position and Uber’s backing.
Looking ahead, Carrum aims to double its fleet size to approximately 11,000 vehicles within the next year. The new funding will also support expansion into additional cities, technology enhancements, and team growth. The startup has ambitions to become a global fleet partner for Uber, though specific plans for international expansion have not been disclosed.