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

Uber has invested $10 million in Indian fleet management startup Carrum Mobility, raising the company's valuation to $168 million in a Series B round. Founded by former McKinsey consultant Karan Jain, Carrum went from a $63 million valuation after receiving $7 million from Uber in January to its current $168 million valuation. Jain revealed that Uber owns a stake of the "mid-teens" in Carrum.

The startup currently operates around 5,100 vehicles in major Indian cities like Bengaluru, Hyderabad, Mumbai, Pune, Delhi, and Kolkata, and employs over 18,000 drivers. Carrum generates an annualized revenue of about $45 million. The company primarily supplies vehicles to Uber's entry-level Uber Go, Premier, and premium Black tiers.

About 70% of Carrum's fleet consists of hatchbacks for Uber Go, 10% are sedans for Premier tier, and 20% are SUVs used for Uber Black. Uber Black in India is exclusively operated through fleet partners like Carrum due to the need for strict control over vehicles, drivers, and service standards. Uber's preference for fleet operators like Carrum has extended to their supply strategy in other markets.

Carrum is not exclusive to Uber and currently has no intention of supplying vehicles to rival ride-hailing platforms. Over the next 12 months, the startup plans to more than double its fleet to approximately 11,000 vehicles and expand into more cities, strengthen its technology platform, and hire additional staff. Carrum's ultimate goal is to become a global fleet partner for Uber, with ambitions beyond India.