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 $168 million post-money, founder and CEO Karan Jain told TechCrunch, up from a post-money valuation of $63 million after Uber invested $7 million in the firm in January. Carrum now owns about 5,100 vehicles across six cities and has onboarded more than 18,000 drivers. The startup is currently generating annualized revenue of about $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. 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 typically finances its vehicles with debt while funding about 10% to 15% of their purchase price upfront. The firm's borrowing costs have fallen about 40% over the past year, Jain said. 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. Carrum's ambitions extend beyond India, Jain said, noting that the startup wants to eventually become a global fleet partner for Uber. The startup generated revenue of about $24.5 million in the year ended March 2026, up from around $6.5 million a year ago, and net profit rose to about $736,000 from $368,000, Jain said.