Milo Drive: Transforming EV Mobility with $2.4 Million Seed Funding

EV mobility platform Milo Drive has successfully secured $2.4 million in a seed funding round led by Caret Capital. The round also saw contributions from Antler India, Alteria Capital, IAN Capital, Climate Angels, Aureolis Capital, and other investors. The funds are intended to promote the adoption of electric vehicles (EVs) and enhance employment opportunities for India’s driver workforce, as stated in a recent press release.

Overview of Milo Drive

Established in 2024 by Monil Jayeshkumar Khatri and Vishal Jewrajka, Milo Drive is creating a technology-driven, asset-light EV mobility platform tailored for India’s ride-hailing and urban transport sectors. This innovative company integrates vehicle access, multi-platform demand management, charging intelligence, operator tools, and data-driven automation, allowing drivers, fleet operators, and mobility entrepreneurs to effectively manage EV operations.

Impact and Achievements

The startup, based in Gurugram, claims to have facilitated over one million rides since its inception. By harnessing data intelligence and machine learning for ride assignments, Milo Drive enhances vehicle utilisation, boosts driver earnings, and improves service reliability across various demand channels.

Market Potential

According to research cited by the company, the EV ride-hailing sector in India is on track to expand from $0.24 billion in 2025 to $4.2 billion by 2030, reflecting a compounded annual growth rate (CAGR) of 77%.

Technological Innovations

Milo Drive’s real-time operating system offers live visibility of fleets deploying thousands of vehicles. Features such as AI-driven charging suggestions, predictive maintenance notifications, and automated geofencing are designed to minimise operational downtime and reduce idle time for drivers.

Driver Support

The firm’s driver application, which includes features for payment collection, charging instructions, and earnings tracking, has reportedly aided in increasing driver incomes by 20%.