E-mobility startup Milo Drive secures $2.4 million from Caret Capital, Antler India, IAN Capital

Bengaluru-based electric mobility startup Milo Drive has raised $2.4 million in a seed round led by Caret Capital, with participation from Antler India, Alteria Capital, IAN Capital, Climate Angels, Aureolis Capital, and others.

The startup will use the capital to expand its technology platform, strengthen its EV fleet operating system, and scale its network of drivers and fleet operators.

Founded by Monil Jayeshkumar Khatri and Vishal Jewrajka, Milo Drive connects drivers, fleet operators, and ride-hailing companies through a single operating system.


The platform integrates vehicle access, charging, demand aggregation, fleet management, and data-driven automation to help operators improve vehicle utilisation and profitability.

"At the heart of Milo Drive is a simple belief: a driver or operator should not be limited by one app, one channel, or one uncertain source of income," said Khatri.

The company said it has already powered more than a million rides and is positioning itself as the tech layer for India's decentralised EV ecosystem.

"We are building a platform that brings ride-hailing, corporate travel, airport transfers, rentals, and other mobility demand together so every vehicle can be better utilised and every driver gets a fairer chance to earn more," he added.

According to the company, India's EV ride-hailing market is expected to grow from $240 million in 2025 to $4.2 billion by 2030, driven by increasing electrification of commercial transport.

"India's EV transition will be powered by thousands of small fleet operators. However, they need more than vehicles; they need an operating system," said Jewrajka.

According to the company, nearly 90% of manual fleet management processes have been automated, and it has helped improve driver earnings by around 20%.

Karan Mittal, managing partner at Caret Capital, said the investment aligns with the firm's focus on sustainable mobility.

"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."