Milo Drive, an Indian electric mobility startup founded in 2024, has raised $2.4 million in a seed round led by Caret Capital and Antler to enhance its platform that connects electric cab drivers and small fleet owners to demand, charging infrastructure, and operational tools.
- Raised $2.4M seed round led by Caret Capital and Antler
- Platform boosts EV driver earnings by 20% via optimized ride allocation
- Focus on expanding fleet operator base and charging network intelligence
What happened
Milo Drive, a tech-driven electric mobility startup founded in 2024 by Monil Jayeshkumar Khatri and Vishal Jewrajka, has raised $2.4 million in a seed funding round. The investment was co-led by Caret Capital and Antler, with participation from Alteria Capital, India Angel Network Capital, Climate Angels, Aureolis Capital, and others.
The startup operates a platform designed to help electric cab drivers and small fleet owners increase profitability by connecting them to diverse ride demand sources, charging stations, and fleet management tools. To date, Milo Drive reports facilitating more than one million rides and automating close to 90% of manual fleet operations.
Why it matters
India’s electric mobility ecosystem is rapidly evolving with growing demand but also some recent disruptions, such as the exit of BluSmart, a once-prominent EV fleet player. Milo Drive’s growth reflects a broader trend of new startups building essential infrastructure and services that enable electric vehicle adoption among ride-hailing fleets.
By improving ride allocation through data analytics and machine learning and offering drivers insights on collections and charging management, Milo Drive helps increase driver earnings by around 20%. This approach supports sustainable growth of electric fleets and addresses operational challenges that have slowed wider EV adoption in mobility services.
What to watch next
Milo Drive plans to use the funding to expand its fleet operator base, particularly targeting smaller operators, and enhance its platform capabilities, focusing on charging intelligence and multi-channel demand aggregation, including corporate travel and airport transfers. How effectively it scales will be critical in shaping organized EV fleet operations across India.
The electric mobility market in India is poised for substantial growth, with projections estimating the sector to become a $132 billion opportunity by 2030. The arrival of new EV fleet services from players like VinFast and Hyundai-TVS also intensifies competition, setting the stage for innovation and consolidation in this rapidly developing space.