Mobility startup Milo Drive raised $2.4 million seed round led by Caret Capital with participation from Antler India, IAN Capital and other investors

Milo Drive, a Bengaluru-based mobility startup, has successfully raised $2.4 million in a seed funding round led by Caret Capital, with participation from Antler India, IAN Capital, and others. Founded by Monil Jayeshkumar Khatri and Vishal Jewrajka, the company aims to create an asset-light, technology-driven electric vehicle (EV) mobility platform for India's ride-hailing and urban transportation ecosystem.¹²

The fresh capital will be utilized to support EV adoption and enhance employment opportunities within India's mobility ecosystem. Milo Drive has already powered over one million rides since its inception in 2024, showcasing its potential in the rapidly growing market.³

Khatri emphasized the company's vision, stating, “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.” The platform integrates vehicle access, charging, demand aggregation, fleet management, and data-driven automation to improve vehicle utilization and profitability.

According to market research, India's EV ride-hailing market is projected to grow from $240 million in 2025 to $4.2 billion by 2030, at a compound annual growth rate (CAGR) of 77 percent. Karan Mittal from Caret Capital noted that while India's ride-hailing market is on the cusp of a fundamental shift, EV penetration in cab fleets is still below 5 percent, indicating a significant opportunity for growth.

Nitin Sharma from Antler India highlighted that the biggest constraint to EV adoption is not demand but the lack of operators capable of running EV fleets efficiently at scale. Milo Drive aims to address this gap by providing the necessary operating system for small fleet operators.