Uber Invests $10M in Indian Fleet Operator Carrum at $168M Valuation
Uber has invested an additional $10 million in Indian fleet management startup Carrum Mobility, valuing the company at approximately $168 million post-money. This follows a previous investment of $7 million by Uber earlier this year and increases its stake to around mid-teens percentage ownership. Carrum currently operates over 5,100 vehicles across major Indian cities and supplies cars for multiple tiers of Uber's services in the country. The company is now generating annualized revenue of about $45 million with a net profit rising significantly year-over-year. Carrum’s business model involves financing most vehicle purchases through debt while leveraging its improved balance sheet, profitability, and backing from Uber to reduce borrowing costs. Looking ahead, Carrum plans to expand its fleet beyond 11,000 vehicles within the next 12 months and strengthen its technology platform as it aims for global expansion in partnership with Uber.
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Topics: Carrum Mobility fleet management India Series B funding Uber