Uber has poured $10 million into Carrum Mobility, an Indian fleet management company, as part of a Series B funding round that values the startup at roughly $168 million. The investment signals the ride-hailing company's growing dependence on large fleet operators to provide cars and drivers across India, where Carrum now serves as Uber's biggest partner for its premium Black service. Founded in 2024 by former McKinsey consultant Karan Jain, Carrum has quickly become a critical supplier for Uber's operations in the South Asian market.
The latest funding round marks a sharp jump in Carrum's worth, climbing from a post-money valuation of around $63 million after Uber injected $7 million in January. Jain told TechCrunch that Uber now holds a stake in the "mid-teens" range. Carrum operates approximately 5,100 vehicles spread across Bengaluru, Hyderabad, Mumbai, Pune, Delhi, and Kolkata, with more than 18,000 drivers brought onto the platform. The company is pulling in annualized revenue of about $45 million, according to Jain. For the fiscal year ending March 2026, Carrum recorded revenue of roughly $24.5 million, up from about $6.5 million the prior year, while net profit climbed to around $736,000 from approximately $368,000.
Carrum's vehicle mix reflects Uber's tiered service model in India: roughly 70% are hatchbacks deployed for the budget-friendly Uber Go, around 10% are sedans for the Premier tier, and about 20% are SUVs, mostly used for Uber Black. Jain noted that Uber Black in India runs entirely through fleet partners rather than individual owner-drivers, as the premium offering demands stricter oversight of vehicles, drivers, and service quality. According to Jain, Uber's tilt toward fleet operators has become a broader supply strategy in other markets as well. The partnership between the two companies extends past a standard commercial deal—they're jointly planning product launches and deciding how much vehicle capacity to add to Uber's platform, Jain said.
Carrum finances its vehicles primarily through debt, covering about 10% to 15% of each car's purchase price upfront. Jain stated that the startup's borrowing costs have dropped roughly 40% over the past year, a decline he credits to a stronger balance sheet, profitability, and Uber's financial backing. Over the coming 12 months, Carrum intends to more than double its fleet to around 11,000 vehicles, using the fresh capital to enter additional cities, upgrade its technology platform, and expand hiring. While Carrum isn't locked into an exclusive arrangement with Uber, Jain said the company has no current plans to supply vehicles to rival ride-hailing platforms. Looking ahead, Jain said Carrum's ambitions stretch beyond India, with the startup aiming to eventually serve as a global fleet partner for Uber, though he declined to say whether the two have specifically discussed international expansion.
The bet on fleet operators allows Uber to scale premium services without relying on individual drivers to finance and maintain high-end vehicles, a model that may prove easier to replicate across emerging markets. If Carrum can deliver on its growth targets while keeping costs in check, it could set a template for how ride-hailing giants manage supply in cities where car ownership and driver recruitment remain fragmented.