Electric mobility startup Milo Drive has raised $2.4 million in a seed funding round co-led by Caret Capital and Antler, the company announced. The round also included participation from Alteria Capital, India Angel Network Capital, Climate Angels, and Aureolis Capital. Founded in 2024 by Monil Jayeshkumar Khatri and Vishal Jewrajka, Milo Drive aims to scale its platform that supports electric cab drivers and small fleet owners by connecting them to ride demand and charging infrastructure, according to inc42.com.
The startup’s platform aggregates demand from corporate travel bookings, airport transfers, and car rentals, using data analytics and machine learning to optimize ride allocation and improve vehicle utilization. Milo Drive claims to have facilitated over one million rides so far. Its driver app automates nearly 90% of manual fleet operations and offers features like collections management, charging guidance, and earnings transparency. The fresh capital will be used to strengthen its multi-channel demand network, expand its fleet operator base, and enhance charging intelligence capabilities, the company said.
Milo Drive’s funding round highlights growing investor interest in electric mobility solutions that improve operational efficiency for drivers and fleet owners. The startup’s approach to integrating ride demand with charging infrastructure and fleet management tools positions it alongside other emerging players in India’s electric vehicle ecosystem. The participation of multiple investors including Caret Capital and Antler reflects confidence in the market potential for technology-driven electric mobility platforms, according to inc42.com.
Milo Drive plans to use the $2.4 million seed funding to scale its technology platform and onboard more small fleet operators, focusing on increasing profitability for electric cab drivers. The company has already facilitated more than one million rides and aims to expand its impact in the electric mobility sector, as stated in its funding announcement.