Uber has invested $10 million in Indian fleet management startup Carrum Mobility as part of a Series B round, valuing the company at approximately $168 million post-money. This investment follows Uber’s $7 million investment in January, which valued Carrum at around $63 million. Uber now holds a stake in the “mid-teens” of Carrum, according to founder and CEO Karan Jain. Carrum, which owns about 5,100 vehicles and has onboarded over 18,000 drivers across several Indian cities, supplies vehicles to Uber for its Uber Go, Premier, and Black tiers, with about 70% of its fleet used for Uber Go and 20% for Uber Black, where Carrum is Uber’s largest fleet partner in India.
The business model of fleet operators like Carrum allows for the deployment of thousands of vehicles while recruiting and training drivers, which may be increasingly important for premium ride offerings. Jain noted that Uber Black in India operates exclusively through fleet partners due to the need for tighter control over vehicles, drivers, and service standards. Carrum’s relationship with Uber extends beyond a typical commercial arrangement, involving collaboration on new product launches and vehicle supply planning. The startup plans to double its fleet to about 11,000 vehicles over the next 12 months and expand into more cities, strengthen its technology platform, and hire as it scales, with aspirations to become a global fleet partner for Uber.