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.
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