Milo Drive secures $2.4 million Seed Round co-led by Caret Capital and Antler

Gurugram-based EV mobility platform, Milo Drive raises $2.4 million seed funding round co-led by Caret Capital and Antler. Alteria Capital, IAN Capital, Climate Angels, Aureolis Ventures, and others also participated in the round.

Founded by Monil Jayeshkumar Khatri and Vishal Jewrajka, Milo Drive operates an asset-light, technology-based electric mobility platform focused on India’s ride-hailing and urban transportation sector. The platform integrates vehicle access, demand aggregation across multiple ride platforms, charging management, operator tools, and data-driven automation to support EV drivers, fleet operators and mobility entrepreneurs.

According to the company, Milo Drive has facilitated more than one million rides since its launch. It also uses data intelligence and machine learning for ride allocation and provides features such as charging recommendations, fleet monitoring, predictive maintenance alerts, geofencing and driver earnings management.

The company said Milo Drive’s platform includes real-time fleet monitoring, AI-based charging recommendations, predictive maintenance alerts, geofencing, and driver-facing tools for collections, charging guidance, and earnings management. It added that the platform automates several fleet management processes and has contributed to higher driver earnings.

Commenting on the investment, Monil Jayeshkumar Khatri, Co-founder of Milo Drive, said “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. We are building a platform that brings ride-hailing, corporate travel, airport, rentals and other mobility demand together, so every vehicle can be better utilised and every driver gets a fairer chance to earn more. For us, this is about building a more open, ef icient and dignified mobility ecosystem for the people who keep our cities moving.”

Karan Mittal, Managing Partner at Caret Capital, said “India’s ride-hailing market is on the cusp of a fundamental shift. EV penetration in cab fleets today sits below 5% — and the entire infrastructure required to scale this transition is missing. Milo Drive is building that missing layer: a platform that makes it economically viable for individual drivers and small operators to own and run electric vehicles, while simultaneously giving demand platforms the reliable, tech-enabled EV supply they need. We believe Milo Drive is well positioned to become the core infrastructure for India’s decentralised mobility economy.” He also said he will join Milo Drive’s board following the investment.

According to Caret Capital, India’s EV ride-hailing market is projected to grow from $0.24 billion in 2025 to $4.2 billion by 2030, with increasing demand for EV fleet management, financing, and charging infrastructure.

Also read: PeakAmp raises ₹12 crore in Seed Round led by Caret Capital