How Will Milo Drive Use Its Fresh $2.4 Million Funding to Scale EV Mobility?
EV mobility startup Milo Drive has raised $2.4 million in a seed funding round led by Caret Capital, with participation from Antler India, Alteria Capital, IAN Capital, Climate Angels, Aureolis Capital, and other investors. The funding will help the Gurugram based startup accelerate electric vehicle (EV) adoption while creating formal employment opportunities for India’s growing driver workforce.
The investment comes at a time when India’s electric mobility ecosystem is witnessing rapid expansion, driven by rising consumer demand, supportive government policies, and increasing investments in EV infrastructure.
What Does Milo Drive Do?
Founded in 2024 by Monil Jayeshkumar Khatri and Vishal Jewrajka, Milo Drive is building an asset light, technology driven EV mobility platform for India’s ride-hailing and urban transportation sector.
Instead of owning large vehicle fleets, the company integrates multiple services into a single platform, including vehicle access, charging intelligence, fleet management, multi-platform demand aggregation, operator tools, and AI-powered automation.
Its platform is designed to help drivers, fleet operators, and mobility entrepreneurs manage electric vehicle operations more efficiently while improving vehicle utilisation and profitability.
How Will the Company Use the Fresh Capital?
According to the company, the newly raised capital will primarily be used to expand its technology platform and support wider EV adoption across India’s mobility ecosystem.
The funding will also help Milo Drive strengthen its AI capabilities, improve operational efficiency, onboard more drivers and fleet operators, and formalise employment opportunities within the country’s growing electric mobility sector.
The company believes technology can play a key role in making EV operations more profitable while reducing operational challenges faced by drivers and fleet owners.
How Does Milo Drive’s Technology Platform Work?
Milo Drive says its operating system combines artificial intelligence, machine learning, and real-time fleet intelligence to improve operational efficiency.
The platform offers:
- AI-driven ride assignment
- Real-time fleet monitoring
- Intelligent charging recommendations
- Predictive vehicle maintenance alerts
- Automated geofencing
- Driver earnings tracking
- Digital payment collection
- Charging guidance
According to the startup, these features help reduce vehicle downtime, minimise idle time, improve fleet utilisation, and increase driver productivity.
The company also claims its driver application has helped increase driver earnings by around 20% by optimising ride allocation and operational efficiency.
How Fast Is Milo Drive Growing?
Since launching in 2024, Milo Drive says it has already facilitated more than one million rides through its platform.
The startup attributes its early growth to its technology-led operating model, which enables drivers to access multiple ride-hailing demand channels while optimising vehicle utilisation through data-driven decision-making.
As more commercial vehicle operators transition to electric mobility, platforms that simplify fleet operations and charging management are expected to become increasingly important.
Why Are Investors Betting on EV Mobility?
According to market research cited by Milo Drive, India’s EV ride-hailing market is projected to grow from approximately $0.24 billion in 2025 to $4.2 billion by 2030, representing a compound annual growth rate (CAGR) of 77%.
Several factors are driving this growth, including government incentives, lower operating costs for EVs, expanding charging infrastructure, and increasing demand for sustainable urban transportation.
Investors are also showing growing interest in startups that build technology infrastructure around electric mobility rather than manufacturing vehicles themselves.
What Does This Mean for India’s EV Ecosystem?
Milo Drive’s seed funding highlights continued investor confidence in technology platforms supporting India’s electric mobility transition.
By combining AI, fleet management, charging intelligence, and driver-focused tools, the company aims to address some of the biggest operational challenges facing EV adoption in commercial transportation.
With fresh funding and a rapidly expanding market, Milo Drive plans to strengthen its presence in India’s ride hailing ecosystem while helping improve driver incomes, fleet efficiency, and the adoption of electric vehicles across urban mobility networks.
