Bengaluru, India: E-mobility startup Milo Drive has raised USD 2.4 million in seed funding to scale its technology-led electric vehicle mobility platform for India’s ride-hailing and urban transport ecosystem.
The funding round was led by Caret Capital, with participation from Antler India, Alteria Capital, IAN Capital, Climate Angels, Aureolis Capital and other investors. The fresh capital will be used to accelerate EV adoption, strengthen the company’s technology platform and create more formal employment opportunities for India’s driver workforce.
Founded in 2024 by Monil Jayeshkumar Khatri and Vishal Jewrajka, Milo Drive operates an asset-light EV mobility platform that connects electric vehicle drivers, small fleet owners and transport demand across ride-hailing and urban mobility channels. The startup is building its model around driver-entrepreneurs and fleet operators, helping them manage vehicles, improve earnings and participate in India’s growing electric mobility market.
At the core of Milo Drive’s platform is its technology-enabled fleet operating system, which helps plug EV supply into multiple demand channels. The system is designed to support fleet monitoring, vehicle utilisation, driver operations and demand matching across ride-hailing and transport use cases. The company’s platform also focuses on operational efficiency, safety and real-time monitoring for electric fleets.
Milo Drive’s model is positioned as a decentralised fleet operations platform powered by EV entrepreneurs. Instead of operating only as a traditional cab fleet company, the startup aims to provide the software and operating layer that helps drivers and small fleet owners manage electric vehicles more effectively. This includes supporting vehicle performance, battery usage, ride demand and fleet productivity.
The company is targeting segments such as ride-hailing, urban transport and corporate employee transportation, where demand for cleaner mobility solutions is rising. By connecting EV drivers with multiple demand sources, Milo Drive aims to improve vehicle utilisation and make electric fleet operations more sustainable and profitable.
The funding comes at a time when India’s electric mobility ecosystem is seeing strong investor interest across charging infrastructure, fleet management, battery solutions and clean transportation platforms. Startups in the sector are increasingly using software, data and fleet intelligence to solve operational challenges around EV adoption.
With the new funding, Milo Drive is expected to expand its EV fleet network, deepen its technology capabilities and support more drivers in shifting to electric vehicles. The company’s focus on combining EV adoption with driver livelihood creation gives it a dual role in India’s clean mobility transition and future urban transport ecosystem.
