Uber has committed $10 million to Indian fleet management startup Carrum Mobility in a Series B funding round, underscoring the ride-hailing giant’s growing dependence on large fleet operators to provide vehicles and drivers across South Asia.
According to founder and CEO Karan Jain, the investment values Carrum at ₹16 billion, approximately $168 million, on a post-money basis. This represents a significant jump from the ₹6 billion ($63 million) valuation established after Uber injected $7 million into the company in January. Jain confirmed that Uber now holds a stake described as being in the “mid-teens” percentage range.
Jain, a former McKinsey consultant and founder of car-rental startup Revv, launched Carrum in 2024 following the acquisition of Revv by automotive marketplace CarDekho in 2023. CarDekho served as Carrum’s initial investor and continues to support the venture.
Today, Carrum manages a fleet of roughly 5,100 vehicles spread across Bengaluru, Hyderabad, Mumbai, Pune, Delhi, and Kolkata, with more than 18,000 drivers onboarded. The company reports annualized revenue of approximately ₹4.3 billion ($45 million).
Carrum supplies vehicles for Uber’s entry-level Go, Premier, and premium Black services in India. The fleet composition is predominantly hatchbacks at 70%, designated for Uber Go, while sedans make up 10% for Premier and SUVs account for 20%, primarily serving Uber Black. Jain noted that Carrum is Uber’s largest fleet partner for the Black tier within the country.
The partnership offers structural advantages over individual driver arrangements. Unlike private owners who finance single vehicles, operators like Carrum can deploy thousands of cars simultaneously while managing recruitment and training at scale. This model is particularly critical for premium services; Uber Black operates exclusively through fleet partners in India to maintain rigorous control over vehicles, driver conduct, and service standards.
The collaboration extends beyond standard commercial terms. Jain revealed that the two companies are jointly developing new product launches and coordinating vehicle supply strategies. While Carrum is not contractually exclusive to Uber, Jain stated there are currently no plans to supply rival ride-hailing platforms.
Financially, the startup has seen rapid growth. Revenue for the fiscal year ending March 2026 reached ₹2.33 billion ($24.5 million), up from ₹620 million ($6.5 million) the previous year. Net profit also doubled to ₹70 million ($736,000) from ₹35 million ($368,000). Jain attributed a 40% reduction in borrowing costs over the past year to the company’s improved balance sheet, profitability, and the credibility brought by Uber’s backing.
Looking ahead, Carrum aims to more than double its fleet to approximately 11,000 vehicles within the next 12 months. The new capital will fund expansion into additional cities, technology platform enhancements, and hiring. Jain also hinted at global ambitions, stating a desire to become a worldwide fleet partner for Uber, though he declined to confirm whether specific international expansion discussions have taken place.
As a driver in Bengaluru, I hope this expansion means more steady work and better benefits for us all.
Is exclusivity really possible? I doubt Carrum won’t eventually supply Ola or Rapido for better margins.
Wow, revenue nearly quadrupled in a year? That’s impressive growth for such a young company.
Smart move by Uber to secure premium supply. Fleet operators are the future of ride-hailing in India.