Indian EV fleet startup Milo Drive has secured US$2.4 million in seed funding, giving the company fresh capital to expand its operations and strengthen its technology platform.
The investment reflects growing confidence in startups that are helping accelerate the adoption of electric vehicles in India’s commercial transport sector.
The funding comes as businesses across the country increasingly shift to electric mobility to cut fuel costs and meet sustainability goals.
With demand for EV fleet services rising, investors are continuing to back companies that offer practical technology solutions for fleet operators and drivers.
Key Highlights
- Milo Drive raises US$2.4 million to expand India’s EV fleet technology platform
- EV fleet startup Milo Drive secures seed funding to accelerate growth in India
- Milo Drive boosts AI-powered EV fleet operations with fresh seed investment
Fresh Capital to Drive Growth
The seed round was led by Caret Capital, with participation from Antler India, IAN Capital, Climate Angels, Aureolis Capital, and several other investors. Milo Drive said it will use the funds to expand its presence in more cities, improve its technology platform, and bring more drivers and fleet partners onto its network.
Founded with an asset-light business model, the company focuses on helping electric vehicle fleet operators manage their vehicles more efficiently. Instead of owning vehicles, Milo Drive provides a technology platform that connects drivers, fleet owners, and mobility partners, making day-to-day operations smoother and more productive.
The startup says it has already supported more than one million rides through its platform. Its AI-powered dispatch system is designed to reduce waiting time, improve fleet management, and help drivers earn more by matching them with ride requests more efficiently.
The company also plans to invest in product development and expand its engineering team as it builds new features to improve fleet operations and the overall customer experience.
India’s EV Sector Continues to Gain Momentum
India’s electric mobility market has seen strong growth over the past few years, supported by government incentives, better charging infrastructure, and increasing awareness of cleaner transport options. Commercial fleet operators are among the biggest adopters of electric vehicles, as they look for ways to reduce operating costs and improve efficiency.
This shift has created opportunities for technology startups like Milo Drive that provide software and digital tools instead of investing in vehicle ownership. By helping fleet owners make better use of their vehicles, these platforms can improve profitability while supporting wider EV adoption.
Industry experts believe that digital fleet management will become even more important as the number of electric vehicles on Indian roads continues to grow. Efficient ride allocation, data-driven operations, and better fleet visibility are expected to play a key role in the next phase of the country’s EV journey.
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With the latest funding, Milo Drive plans to expand its market reach, strengthen partnerships, and continue developing technology that supports commercial EV fleets. As India’s EV ecosystem evolves, the company aims to build a stronger presence by helping fleet operators run more efficient and sustainable businesses.
