Uber has put $10 million into Carrum Mobility at a post-money valuation of $168 million, tripling the Indian fleet operator’s price in the eight months since the ride-hailing giant first backed it in January. The Series B check gives Uber a mid-teens stake and deepens a supply relationship that now covers Uber Go, Premier and the premium Black tier across six cities.
The valuation jump
Carrum’s post-money valuation has risen from $63 million in January to $168 million now, a step-up that reflects both fleet growth and a shift in Uber’s supply strategy. Founder Karan Jain, a former McKinsey consultant who sold his previous car-rental startup Revv to CarDekho in 2023, said the company’s annualized revenue has reached roughly $45 million on a fleet of about 5,100 vehicles and more than 18,000 onboarded drivers. For the fiscal year ended March 2026, revenue came in at $24.5 million, up from $6.5 million a year earlier, while net profit doubled to $736,000.
Fleet economics
The unit economics are built on debt. Carrum finances vehicles with borrowings covering 85% to 90% of the purchase price, and Jain said the firm’s cost of debt has fallen about 40% over the past year. He attributed the decline to a stronger balance sheet, profitability and Uber’s backing. The fleet mix is weighted toward volume: roughly 70% hatchbacks for Uber Go, 10% sedans for Premier and 20% SUVs, largely deployed on Uber Black, where Carrum is the largest fleet partner in India.
The supply lock-in
Uber Black in India operates exclusively through fleet partners, a model Jain said is becoming part of Uber’s supply strategy in other markets as well. The relationship goes beyond a commercial contract; the two companies are co-developing product launches and planning vehicle supply targets. Carrum is not contractually exclusive to Uber, but Jain said the startup has no current intention of supplying rival platforms.
What to watch
Carrum plans to more than double its fleet to roughly 11,000 vehicles over the next 12 months, using the new capital to expand into more cities and build out its technology platform. Jain said the ultimate ambition is to become a global fleet partner for Uber, though he declined to say whether specific discussions about expansion outside India have taken place.