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Carrum Mobility raises $10 million in Series B round led by Uber
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Carrum Mobility raises $10 million in Series B round led by Uber

Carrum Mobility, which provides a B2B fleet management platform, has raised $10 million in a Series B funding round. Uber led this round.

According to the statement, this deal represents the second tranche of investment from Uber in Carrum Mobility, following an initial investment of $7 million made in January of this year.

The capital raised will be used to accelerate expansion in both existing and new territories, as well as to strengthen the company's technological base and scale its operations. The investment will also support the continued growth of Carrum Mobility's core mobile offerings and Uber Black services in India.

Carrum Mobility's founder and CEO, Karan Jain, noted that the ongoing investment from Uber is a positive reflection of the built business and prospects. He added that since the last funding round, the company has almost doubled the scale of its business while maintaining stable profitability.

According to Carrum Mobility itself, it has nearly doubled its business since Uber's first investment. This growth is driven by the increasing demand for premium mobility solutions and its technology-oriented operating model.

As of September 2026, Carrum Mobility manages a fleet of over 5,000 vehicles in cities such as Bengaluru, Hyderabad, Mumbai, Pune, Delhi, and Kolkata. A service launch in Chennai is planned for September. The company's platform has registered over 18,000 drivers.

Aditya Kapoor, Supply Director at Uber India and South Asia, stated that Carrum Mobility has demonstrated exceptional execution, operational discipline, and a strong focus on customer experience. He expressed satisfaction with deepening the partnership through this investment and supporting the company's further expansion of its premium mobility services and Uber Black across India.

Carrum Mobility was founded in 2024 and operates as a B2B technology platform for mobility, focused on creating efficient and sustainable fleet operations using CNG and electric vehicles. The startup claims to have been profitable from its first month of operation and now has an annual revenue run rate of approximately 400 crore rupees.

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Piramal Finance raises ₹210 billion through QIP, total fundraising reaches ₹385 billion
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business-standard.com

Piramal Finance raises ₹210 billion through QIP, total fundraising reaches ₹385 billion

The financial company Piramal Finance raised ₹210 billion through a Qualified Institutional Placement (QIP). Both domestic mutual funds and international investors participated in this placement. The company's goal is to strengthen its capital and support growth focused on retail customers.

Furthermore, the company's board of directors approved a proposal to issue warrants under preferential terms worth ₹175 billion for one of the promoters' group affiliated entities. This warrant issuance requires approval from shareholders, legislative, and regulatory bodies. The combination of these two transactions could potentially bring in approximately ₹385 billion in equity capital.

Under the QIP, 9,952,606 shares were distributed at a price of ₹2,110 per share. The placement process began on August 24 and concluded on August 28.

Participants in the institutional placement included domestic mutual funds such as ICICI Prudential Mutual Fund, Nippon India Mutual Fund, Kotak Mutual Fund, Quant Mutual Fund, Axis Mutual Fund, Motilal Oswal Mutual Fund, Tata Mutual Fund, Franklin Templeton Mutual Fund, and Aditya Birla Sun Life Mutual Fund. International investors included BlackRock, Goldman Sachs Asset Management, and Eastspring Investments.

Anand Piramal, Chairman of Piramal Finance, noted that the company is deeply grateful for the investors' trust, demonstrating a strong community response. He emphasized that this capital raise marks an important milestone in the development of the financial institution, which aims to be diversified, technology-driven, and retail-focused. In recent years, the company has expanded its presence across India, increased its product range, and integrated technology and artificial intelligence into customer service, decision-making, and risk management processes. Meanwhile, it has served over 6 million customers and provided more than 2.5 million high-impact loans in the areas of affordable housing, small businesses, and underserved communities.

The company stated that the fresh capital will allow it greater flexibility to develop both in the diversified retail sector and in the micro-lending segment, while maintaining a solid capital buffer and a prudent risk profile. Piramal Finance is actively expanding its retail network in markets adjacent to major cities, semi-urban, and rural areas. Its retail portfolio includes loans for affordable housing, property-backed loans, gold loans, microfinance, used car auto loans, consumer loans, and small business loans.

The company utilizes a 'High Technology + High Interaction' model, combining physical reach with the capabilities of technology, data, and artificial intelligence. Piramal also stressed that this stage reflects the hard work of the company's teams and places a great responsibility on them for consistent, prudent, and goal-oriented work. Going forward, the focus will be on creating long-term value for all stakeholders, enabling a larger number of customers and communities to participate in India's growth.

As of June 30, Piramal Finance managed assets exceeding one trillion rupees and served over 6 million customers in 26 states. Its physical distribution network covers more than 13,000 postal codes. The company operates as a top-tier NBFC and has wholesale lending business focused on the real estate sector and non-real estate sectors, including middle-class housing and mid-market corporations.

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