Uber Invests $10M in India’s Carrum Mobility at $168M Valuation

Uber has invested $10 million in Indian fleet management startup Carrum Mobility as the ride-hailing company increases its reliance on large fleet operators to supply vehicles and drivers in India.

The Series B investment values Carrum at ₹16 billion, or about $168 million, post-money, founder and CEO Karan Jain said. That is up from a valuation of about ₹6 billion, or roughly $63 million, after Uber invested $7 million in the company in January.

Jain said Uber now owns a stake in the “mid-teens” in Carrum. He founded the company in 2024 after building car-rental startup Revv, which Indian automotive marketplace CarDekho acquired in 2023.

Carrum expands Uber fleet operations in India

Carrum owns about 5,100 vehicles across Bengaluru, Hyderabad, Mumbai, Pune, Delhi and Kolkata and has onboarded more than 18,000 drivers. Jain said the company is currently generating annualised revenue of about ₹4.3 billion, or roughly $45 million.

The startup supplies vehicles for Uber Go, Premier and Black. About 70% of its fleet consists of hatchbacks used for Uber Go, roughly 10% are sedans used for Premier, and around 20% are SUVs, mainly deployed through Uber Black.

Jain said Carrum is Uber’s largest fleet partner for Black in India. Unlike individual drivers who typically own or finance their own vehicles, fleet operators can place thousands of cars on the platform while also recruiting and training drivers.

He said Uber Black in India relies exclusively on fleet partners because the premium service requires greater control over vehicles, drivers and service standards.

Revenue and fleet plans accelerate

Carrum generated about ₹2.33 billion, or $24.5 million, in revenue in the year ended March 2026, up from roughly ₹620 million a year earlier. Net profit increased to about ₹70 million from ₹35 million, according to Jain.

The company typically finances vehicle purchases with debt while paying about 10% to 15% of the purchase price up front. Jain said Carrum’s borrowing costs have fallen around 40% over the past year, which he attributed to stronger financial performance and Uber’s backing.

Carrum plans to more than double its fleet to about 11,000 vehicles over the next 12 months. The new funding will also support expansion into additional cities, improvements to its technology platform and further hiring.

The relationship between Uber and Carrum extends beyond vehicle supply, Jain said, with the companies working together on product launches and planning how much fleet capacity to add to Uber’s platform.

Carrum is not exclusive to Uber, although Jain said the company currently has no plans to supply competing ride-hailing platforms. Its longer-term ambition is to become a global fleet partner for Uber, though Jain declined to say whether the two companies have discussed expanding the partnership outside India.