Milo Drive Raises $2.4 Mn in Seed Round co-led by Caret Capital

The company will use the new funds to encourage more people to switch to electric vehicles (EVs) and create more formal job opportunities for drivers across India.

"India's ride-hailing market is on the cusp of a fundamental shift. EV penetration in cab fleets today is below 5%, and the infrastructure required to scale this is still missing. Milo Drive is building that missing layer by making it economically viable,’’ he said.

Nitin Sharma, founding partner and co-lead at Antler India, said "India's urban mobility market is a $100 billion opportunity. The biggest constraint to EV adoption today is not demand from ride-hailing platforms but the lack of operators capable of running EV fleets efficiently at scale."

Founded in 2024 by Monil Jayeshkumar Khatri and Vishal Jewrajka, Gurugram-based Milo Drive operates a technology-powered EV mobility platform for India's ride-hailing and urban transport sector. Instead of owning electric vehicles, the company helps drivers and fleet operators access EVs, charging services, fleet management tools, and smart technology to run their businesses more efficiently.

Since its launch, Milo Drive says it has supported more than one million rides. The company uses data and machine learning to assign rides more efficiently, helping improve vehicle usage, increase driver earnings, and provide more reliable transportation services.

Milo Drive's real-time operating system allows fleet operators to monitor and manage thousands of vehicles. This helps them track operations and improve overall fleet performance.

The platform also offers AI-powered features such as charging recommendations, predictive maintenance alerts, and automated geofencing to reduce vehicle downtime and driver waiting time. In addition, its driver app provides payment collection, charging guidance, and earnings tracking, helping drivers increase their income by around 20%.

Read Also- Velocity Raises $27 Mn in Seed Round led by NFX