Mobility startup Milo Drive raises $2.4 million in a seed funding round

EV mobility platform Milo Drive has raised $2.4 million in a seed funding round led by Caret Capital to strengthen its technology platform and scale operations

Mobility platform Milo Drive on Wednesday announced that it has raised $2.4 million in a seed funding round led by Caret Capital.

 

The round saw participation from Antler India, Alteria Capital, IAN Capital, Climate Angels and Aureolis Capital.

 

Founded by Monil Jayeshkumar Khatri and Vishal Jewrajka, Milo Drive is building an asset-light, technology-led electric vehicle (EV) mobility platform for India's ride-hailing and urban transportation ecosystem.

 

The platform has powered more than one million rides to date. It uses data intelligence and machine learning-led ride assignment to improve utilisation, earnings and reliability across demand channels.

 

Speaking about the company's vision, 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 transfers, rentals and other mobility demands together so every vehicle can be better utilised and every driver gets a fairer chance to earn more.”

 

Commenting on the investment, Karan Mittal, managing partner of Caret Capital, said that while India's ride-hailing market is on the cusp of a fundamental shift, EV penetration in cab fleets is still below 5 per cent.

 

"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, technology-enabled EV supply they need," Mittal added.

 

India's EV ride-hailing market is projected to grow from $0.24 billion in 2025 to $4.2 billion by 2030, at a compound annual growth rate (CAGR) of 77 per cent.