Key facts
- Uber invested $10 million in Indian fleet management startup Carrum Mobility.
- The investment values Carrum at $168 million post-money.
- Uber now holds a stake in the mid-teens in Carrum.
- Carrum operates a fleet of approximately 5,100 vehicles and has onboarded over 18,000 drivers.
- Carrum is generating annualized revenue of about $45 million.
- Carrum plans to double its fleet to 11,000 vehicles within the next year.
Uber has invested $10 million in Indian fleet management startup Carrum Mobility as part of its Series B funding round. This strategic investment values Carrum at approximately $168 million post-money, a significant increase from its previous valuation of $63 million after Uber's $7 million investment in January. Following this latest round, Uber now holds a stake in the mid-teens of Carrum.
Carrum, founded by former McKinsey consultant Karan Jain, operates a fleet of about 5,100 vehicles across major Indian cities and has onboarded over 18,000 drivers. The company is currently generating annualized revenue of around $45 million. Carrum supplies vehicles to Uber for its various service tiers, including Uber Go, Premier, and the premium Uber Black, for which it is Uber's largest fleet partner in India.
The business model of fleet operators like Carrum is becoming increasingly important for premium services such as Uber Black, which require stringent control over vehicles, drivers, and service standards. Uber's preference for fleet partners is also a growing part of its supply strategy in other markets.
Carrum plans to utilize the new capital to more than double its fleet to approximately 11,000 vehicles within the next 12 months. The funds will also support expansion into new cities, enhancement of its technology platform, and hiring to facilitate growth. Carrum's long-term ambition is to become a global fleet partner for Uber.
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