Milo Drive, an e-mobility startup based in Bengaluru, has secured $2.4 million in a seed funding round. The investment, led by Caret Capital with participation from Antler India, Alteria Capital, IAN Capital, and others, will fuel the expansion of its electric vehicle (EV) fleet operating system. This capital aims to strengthen the company’s technology platform and scale its network of drivers and fleet operators across India’s growing e-mobility sector.
The startup’s platform connects drivers, fleet operators, and ride-hailing companies through a single operating system. This integration addresses critical needs in the decentralized EV ecosystem, where small fleet operators often lack the necessary tools to manage their electric vehicles efficiently. The funding arrives as India’s EV ride-hailing market is projected to expand significantly, from $240 million in 2025 to $4.2 billion by 2030.
Building an Integrated EV Ecosystem
Milo Drive’s operating system offers a comprehensive suite of services. These include vehicle access, charging management, demand aggregation, and data-driven automation for fleet management. By integrating these functions, the platform helps operators improve vehicle utilization and profitability. This holistic approach is designed to overcome current limitations in the EV ride-hailing market.
Monil Jayeshkumar Khatri, co-founder of Milo Drive, emphasized the company’s core belief. He stated that drivers and operators should not be limited by a single app, channel, or uncertain income source. The platform seeks to consolidate various mobility demands, such as ride-hailing, corporate travel, airport transfers, and rentals. This strategy aims to ensure better utilization of every vehicle and fairer earning opportunities for drivers.
Addressing Market Gaps
India’s commercial transport sector is undergoing increasing electrification, yet EV penetration in cab fleets currently remains below 5%. This low adoption rate highlights a significant gap in the infrastructure and operational systems required to scale EV fleets effectively. Milo Drive positions itself as the technological layer that makes running these fleets economically viable.
Vishal Jewrajka, another co-founder, pointed out that India’s EV transition will depend on thousands of small fleet operators. These operators need more than just vehicles; they require an operating system to manage them efficiently. The company reports that it has already automated nearly 90% of manual fleet management processes. This automation has reportedly improved driver earnings by approximately 20%.
Investment for Sustainable Mobility
The investment in Milo Drive aligns with a broader focus on sustainable mobility solutions. Karan Mittal, managing partner at Caret Capital, noted that India’s ride-hailing market is at the cusp of a fundamental change. He highlighted that while demand from ride-hailing platforms exists, the primary constraint to EV adoption is the lack of operators capable of running EV fleets at scale. Companies like Milo Drive are building the “missing layer” by enhancing operational efficiency for electric vehicles.
Nitin Sharma, founding partner and co-lead at Antler India, characterized India’s urban mobility market as a $100 billion opportunity. The ability to efficiently manage EV fleets is crucial for unlocking this potential. Investments like this support the expansion of crucial infrastructure and operational technology, which can help accelerate the adoption of electric vehicles in commercial transport. The strategic deployment of capital for EV charging infrastructure expansion is also critical for this growth.
Milo Drive has already powered over a million rides. Its expansion plans involve strengthening its EV fleet operating system and scaling its network to meet the increasing demand for electric mobility solutions. The company’s data-driven automation could also connect with Edge AI data centers to further optimize urban mobility. The company’s growth reflects a broader trend toward more sustainable and technologically advanced transportation systems, especially as countries like India continue to develop their autonomous vehicle oversight and smart city initiatives.
The success of startups like Milo Drive in securing significant funding underscores the growing investor confidence in India’s e-mobility future. This development is vital for establishing the operational backbone necessary for a widespread transition to electric commercial transport. The focus on integrating services and improving profitability for operators and drivers could set a precedent for other emerging markets.
