Electric mobility startup Milo Drive has raised $2.4 Mn (about ₹22.9 Cr) in a seed funding round co-led by Caret Capital and Antler
The funding round also saw participation from Alteria Capital, India Angel Network (IAN) Capital, Climate Angels, Aureolis Capital and other investors
Milo Drive operates a tech platform that claims to help electric cab drivers and small fleet owners run more profitable businesses by connecting them to ride demand, charging infrastructure, and fleet management tools
Electric mobility startup Milo Drive has raised $2.4 Mn (about ₹22.9 Cr) in a seed funding round co-led by Caret Capital and Antler. The funding round also saw participation from Alteria Capital, India Angel Network (IAN) Capital, Climate Angels, Aureolis Capital and other investors.
Founded in 2024 by Monil Jayeshkumar Khatri and Vishal Jewrajka, Milo Drive operates a tech platform that claims to help electric cab drivers and small fleet owners run more profitable businesses by connecting them to ride demand, charging infrastructure, and fleet management tools.
In a statement, Milo Drive said it plans to use the fresh capital to strengthen its multi-channel demand network and expand its fleet operator base with a focus on onboarding small fleet operators.
A portion of the funds will also go towards enhancing its charging intelligence capabilities and scale its technology platform for drivers and mobility entrepreneurs.
Milo Drive claims to have facilitated more than 1 Mn rides to date. The startup aggregates demand from various sources like corporate travel bookings, airport transfers, and car rentals.
Its platform uses data analytics and machine learning to optimise ride allocation, resulting in better vehicle utilisation and enabling drivers to earn higher.
Milo Drive claims its platform automates nearly 90% of manual fleet operations. Its driver app, which offers features such as collections management, charging guidance and earnings transparency, has helped increase driver incomes by 20%, it added.
The fundraise comes as India’s EV mobility ecosystem is undergoing a reset. The exit of BluSmart last year left a gap in the organised EV fleet ecosystem, even as demand for electric mobility continues to grow.
At the same time, new players are entering the market. Last month, VinFast parent Vingroup launched its electric cab service, Green SM Limo, in Delhi NCR. Meanwhile, Hyundai Motor and TVS Motor began piloting their joint ride-hailing platform, Blue Move, in the region.
As EV adoption gathers pace, startups such as Milo Drive are building the fleet infrastructure that powers electric mobility by enabling fleet operators with vehicle access, charging and demand aggregation.
According to Inc42’s India’s Electric Vehicle Startup Landscape Report 2025, the sector is set to grow into a $132 Bn opportunity by 2030.
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