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

Uber has invested $10 cardinal successful Indian fleet absorption startup Carrum Mobility successful a Series B circular arsenic the ride-hailing elephantine increases its reliance connected ample fleet operators to proviso vehicles and drivers successful the South Asian nation.

The caller concern values Carrum astatine ₹16 cardinal (about $168 million) post-money, laminitis and CEO Karan Jain told TechCrunch, up from a post-money valuation of ₹6 cardinal (around $63 million) aft Uber invested $7 cardinal successful the steadfast successful January. Jain said Uber present owns a involvement successful the “mid-teens” successful Carrum.

A erstwhile McKinsey advisor who antecedently founded car-rental startup Revv, Jain started Carrum successful 2024 aft Indian automotive marketplace CarDekho acquired his earlier institution successful 2023. CarDekho was besides Carrum’s archetypal capitalist and remains a backer.

Carrum present owns astir 5,100 vehicles crossed Bengaluru, Hyderabad, Mumbai, Pune, Delhi and Kolkata, and has onboarded much than 18,000 drivers. The startup is presently generating annualized gross of astir ₹4.3 cardinal (around $45 million), Jain said.

The startup supplies vehicles to Uber successful India for its entry-level Uber Go, Premier, and the premium Black tiers. About 70% of its fleet are hatchbacks utilized for Uber Go, astir 10% are sedans for the Premier tier, and astir 20% are SUVs, mostly deployed connected Uber Black. Carrum is Uber’s largest fleet spouse for Black successful India, Jain added.

Unlike idiosyncratic drivers who typically ain oregon concern their vehicles, operators specified arsenic Carrum tin enactment thousands of cars connected Uber portion recruiting and grooming drivers.

The concern exemplary whitethorn beryllium increasing important for premium offerings. Jain said Uber Black successful India operates exclusively done fleet partners, arsenic the work requires tighter power implicit vehicles, drivers, and work standards. He besides said Uber’s penchant for fleet operators has go portion of its proviso strategy successful different markets.

Uber’s narration with Carrum goes beyond a emblematic commercialized arrangement, Jain said. The 2 companies are moving connected caller merchandise launches and readying however overmuch conveyance proviso to adhd to the ride-hail giant’s platform.

Carrum is not exclusive to Uber, but Jain said his startup presently has nary volition of supplying vehicles to rival ride-hailing platforms.

The startup generated gross of astir ₹2.33 cardinal (around $24.5 million) successful the twelvemonth ended March 2026, up from astir ₹620 cardinal (about $6.5 million) a twelvemonth ago, and nett net roseate to astir ₹70 cardinal (around $736,000) from ₹35 cardinal (about $368,000), Jain said.

Carrum typically finances its vehicles with indebtedness portion backing astir 10% to 15% of their acquisition terms upfront, Jain said. The firm’s borrowing costs, helium stated, person fallen astir 40% implicit the past year, which helium attributed to its stronger equilibrium sheet, profitability and Uber’s backing.

Over the adjacent 12 months, Carrum plans to much than treble its fleet to astir 11,000 vehicles, Jain said. The startup besides plans to usage the caller superior to grow into much cities, fortify its exertion platform, and prosecute arsenic it scales.

Ultimately, Carrum’s ambitions widen beyond India, Jain said, noting that the startup wants to yet go a planetary fleet spouse for Uber. He declined to accidental whether the 2 companies person specifically discussed expanding their concern extracurricular India.