Electric Mobility Startup Milo Drive Raises $2.4 Million Seed Funding
According to the company, it has facilitated more than one million rides since launch.
Electric mobility startup Milo Drive has raised $2.4 million (around ₹22.9 crore) in a seed funding round co-led by Caret Capital and Antler.
The round also saw participation from Alteria Capital, India Angel Network (IAN) Capital, Climate Angels, Aureolis Capital, and other investors.
The company will use the fresh capital to strengthen its multi-channel ride demand network, expand its fleet operator ecosystem with a focus on onboarding small fleet owners, enhance its charging intelligence capabilities, and further develop its technology platform for drivers and mobility entrepreneurs.
Founded in 2024 by Monil Jayeshkumar Khatri and Vishal Jewrajka, Milo Drive operates an asset-light mobility platform that helps electric cab drivers and fleet operators improve utilisation and profitability. Rather than owning vehicles, the company provides technology that connects fleet owners with ride demand, charging infrastructure, and fleet management tools.
Its platform aggregates demand across multiple channels, including corporate travel, airport transfers, and car rental services, while using data analytics and machine learning to optimise ride allocation, reduce idle time, and maximise vehicle utilisation.
According to the company, it has facilitated more than one million rides since launch. Milo Drive says its operating system automates nearly 90% of manual fleet operations, while its driver application offers features such as earnings tracking, collections management, charging recommendations, and operational insights. The company claims these capabilities have helped increase driver earnings by around 20%.
The funding comes as India’s electric mobility sector continues to evolve rapidly. The shutdown of BluSmart created opportunities in the organised EV fleet market, while new players continue to enter the segment. Recent developments include Green SM, backed by Vietnam’s Vingroup, launching electric cab services in Delhi-NCR, and Hyundai Motor India and TVS Motor piloting their Blue Move ride-hailing platform.
According to industry estimates, India’s electric vehicle ecosystem is projected to grow into a $132 billion market by 2030, driven by rising EV adoption, supportive government policies, expanding charging infrastructure, and increasing investment across the broader mobility value chain.