Electric mobility startup Milo Drive has secured $2.4 million (₹22.9 crore) in seed funding co‑led by Caret Capital and Antler, as it aims to scale its technology platform for India’s expanding electric vehicle fleet ecosystem.
The round also saw participation from Alteria Capital, India Angel Network (IAN) Capital, Climate Angels, Aureolis Capital, and other investors. Founded in 2024 by Monil Jayeshkumar Khatri and Vishal Jewrajka, Milo Drive operates a digital platform tailored for electric cab drivers and small fleet operators, connecting them with ride demand, charging infrastructure, and fleet management tools to enhance utilisation and operational efficiency.
Funding to Support Fleet Expansion
The startup said the newly raised capital will be used to strengthen its multi-channel demand network, onboard more fleet operators, and enhance its charging intelligence platform.
It also plans to invest in expanding technology capabilities for drivers and mobility entrepreneurs, with a focus on improving fleet operations through automation and data-driven decision-making.
Building Infrastructure for EV Fleets
Rather than operating a ride-hailing platform, Milo Drive positions itself as an operating layer for electric mobility businesses. The company aggregates demand from corporate travel, airport transfers, and rental services while providing fleet operators with tools for route planning, charging guidance, collections management, and performance tracking.
According to the startup, it has facilitated more than one million rides to date and automates a significant share of fleet operations through its platform.
EV Ecosystem Continues to Evolve
The shutdown of BluSmart’s operations created space for new business models focused on enabling electric fleet operators rather than owning fleets directly. At the same time, global and domestic automakers are increasing their presence in the market. Last month, VinFast parent Vingroup launched its electric taxi service Green SM Limo in Delhi NCR, while Hyundai Motor and TVS Motor began piloting their joint ride-hailing platform, Blue Move, in the region.
As electric vehicle adoption accelerates, startups are increasingly focusing on building the software, charging, and fleet infrastructure needed to support commercial EV operations.
