Milo Drive has raised $2.4 million in seed funding, giving the Bengaluru-based EV mobility startup fresh capital to build its technology and grow its network of drivers and fleet operators. The round was led by Caret Capital, with participation from Antler India, Alteria Capital, IAN Capital, Climate Angels, Aureolis Capital, and others.

The company works in a part of the EV market that is not always visible to regular riders. Most people see only the cab app on their phone. Behind that ride, there is a driver, a vehicle owner, a charging plan, daily earnings, vehicle uptime, and demand from different ride platforms. Milo Drive wants to make this back-end layer easier to manage.

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

What Milo Drive is trying to solve

Electric cabs sound simple from the outside. A driver gets an EV, signs up on a platform, charges the car, and starts taking rides. In real life, it is much more complicated.

A driver has to think about where to get rides, when to charge, how much battery is left, which route gives better earnings, and how to avoid idle time. A fleet operator has even more to manage. They need to track vehicles, drivers, charging, maintenance, demand, payments, and daily utilization.

This is where Milo Drive wants to fit in.

The startup brings vehicle access, charging, fleet management, ride demand, and data-based automation into one system. In simple words, it helps operators run EV fleets with fewer manual steps and better control.

Why the $2.4 million funding matters

Seed funding is usually an early growth round. It helps a startup improve its product, hire people, test its model, and expand into more markets.

For Milo Drive, the $2.4 million funding can help strengthen its EV fleet operating system and scale its driver and operator network. This is important because EV mobility is not just about buying electric vehicles. The real challenge is running them profitably every day.

An EV that is sitting idle does not earn money. A driver who cannot find enough trips will not stay on the platform. A car that spends too much time charging loses earning hours. A small fleet operator who manages everything manually can quickly get overwhelmed.

Milo Drive’s aim is to reduce these problems through better planning and automation.

How this can support its aim and purpose

The purpose of Milo Drive is closely linked to making EV fleets easier to run and more profitable. If the company can help drivers earn more and help operators use vehicles better, it can support wider EV adoption in ride-hailing.

This matters because many small fleet operators want to enter the EV market but struggle with daily operations. Buying the vehicle is only the first step. The bigger question is how to keep that vehicle busy, charged, maintained, and earning.

For example, a fleet owner with 25 electric cars may have vehicles working across airport transfers, office rides, rental bookings, and ride-hailing apps. Without a proper system, it becomes hard to decide where each car should go, when it should charge, and which demand source is giving better returns.

A platform like Milo Drive can make those decisions easier. It can bring different demand sources together and help every vehicle get better usage.

The company has already powered more than one million rides. It also says it has automated nearly 90% of manual fleet management processes and helped improve driver earnings by around 20%.

Why India’s EV ride-hailing market is important

India’s EV ride-hailing market is still young, but the opportunity is large. Commercial vehicles run more kilometres than personal cars, so shifting them to electric can have a bigger impact on fuel savings and emissions.

The company estimates that India’s EV ride-hailing market could grow from $240 million in 2025 to $4.2 billion by 2030. That expected growth is one reason investors are watching this space closely.

There is also a practical reason. Cities need cleaner transport, and ride-hailing vehicles spend long hours on the road. If more cabs become electric, the effect can be meaningful.

But EV adoption in cab fleets still faces hurdles. Charging access is uneven. Drivers worry about downtime. Fleet owners worry about battery life, maintenance, and returns. Ride demand can change during the day. Milo Drive is trying to solve these operating problems, not just sell the idea of EVs.

Competitors and market pressure

Milo Drive operates in a space that touches ride-hailing, EV fleet management, charging, and mobility software. Its competition may come from different sides.

On the EV cab side, companies such as Evera are active in electric taxi services. BluSmart was also a major name in electric ride-hailing before it suspended operations in 2025. On the wider EV mobility side, companies such as Zypp Electric focus on electric two-wheeler fleets for deliveries.

There are also traditional ride-hailing companies, fleet operators, charging networks, and software providers that may build similar tools over time.

Milo Drive’s challenge will be to prove that it can improve earnings and vehicle usage in real conditions. In this market, claims are not enough. Drivers and operators will stay only if the platform helps them make more money or save time.

What makes the model interesting

Milo Drive is not trying to be only a cab booking app. It is trying to become the operating layer for EV fleets. That means it can work with different demand sources instead of depending on just one app or one customer type.

This is useful because drivers often do not want to depend on a single income channel. A car may serve ride-hailing demand in the morning, corporate travel during office hours, airport transfers at night, and rentals on weekends.

If Milo Drive can connect these demand pockets well, it can help vehicles stay busy for more hours. That is where the business gets interesting.

Better vehicle usage means better income for drivers, better returns for fleet owners, and faster growth for EV fleets.

What to watch next

The funding is a positive step, but Milo Drive still has to prove scale. The startup will need to expand carefully, build trust with operators, maintain service quality, and keep its technology reliable.

The company will also need strong partnerships across charging, vehicle access, financing, and ride demand. EV fleets need all these pieces to work together.

The next few years will show whether Milo Drive can move from an early-stage startup to a serious mobility infrastructure company. If it succeeds, it may help make electric ride-hailing more practical for thousands of drivers and small fleet owners.

Conclusion with key takeaways

Milo Drive’s $2.4 million seed funding is a sign that investors are looking beyond EV manufacturing and charging stations. They are also paying attention to the software and operations layer that helps EV fleets run better.

The startup’s purpose is clear. It wants to help drivers and fleet operators earn more, reduce manual work, and make electric mobility easier to scale.

Key takeaways

• Milo Drive has raised $2.4 million in seed funding.
• The round was led by Caret Capital, with participation from Antler India, Alteria Capital, IAN Capital, Climate Angels, Aureolis Capital, and others.
• The startup was founded by Monil Jayeshkumar Khatri and Vishal Jewrajka.
• It connects drivers, fleet operators, charging, vehicle access, and ride demand through one operating system.
• The company has powered more than one million rides.
• Its model can support better vehicle usage, improved driver earnings, and faster EV fleet adoption.

Facts Input- ET