Milo Drive, an EV mobility platform built for India’s ride-hailing and urban transport ecosystem, has raised $2.4 million in a seed funding round led by Caret Capital.
The round also saw participation from Antler India, Alteria Capital, IAN Capital, Climate Angels, Aureolis Capital and other investors.
The company said the fresh capital will be used to support EV adoption and help formalise employment opportunities within India’s mobility ecosystem. For a sector where drivers, fleet operators and small mobility entrepreneurs often work through fragmented systems, Milo Drive is positioning itself as a technology layer that brings vehicles, demand, charging and operations onto one platform.
Milo Drive was established in the year 2024 by Monil Jayeshkumar Khatri and Vishal Jewrajka. It concentrates on creating an asset-light mobility platform for electric vehicles based on technology, including aspects such as vehicle accessibility, demand on several platforms, charging knowledge, operations, and financial automation.
The startup says it has powered more than one million rides since launch. It uses intelligence and machine learning-led ride assignment to improve vehicle utilisation, driver earnings and service reliability across demand channels.
A key part of Milo Drive’s offering is its real-time operating system, which gives live fleet visibility across thousands of vehicles. The system also supports charging recommendations, predictive maintenance alerts and automated geofencing, all aimed at reducing operational downtime and driver idle time.
The company also says its driver app, which includes payment collections, charging guidance and earnings tracking, has helped improve driver incomes by 20 percent.
Milo Drive’s funding comes at a time when EV-led ride-hailing is becoming a sharper focus area in India’s urban mobility market. The company has cited market research projecting India’s EV ride-hailing market to reach $4.2 billion by 2030, growing at a CAGR of 77 percent.
This seed funding will enable Milo Drive to further grow its technology stack and increase the number of operating systems for electric mobility, particularly within an ecosystem in which the access, availability, and cost for drivers are essential elements.
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