Milo Drive Secures $2.4M to Revolutionize India's EV Ride-Hailing
July 18, 2026, 9:38 am
Milo Drive, a Gurugram-based innovator, just closed a $2.4 million seed funding round. Caret Capital spearheaded the investment. Antler India also participated. This capital injection fuels critical electric vehicle (EV) fleet infrastructure development across India. Milo Drive’s advanced, tech-led platform addresses key challenges. It improves EV access for drivers. It aggregates diverse mobility demand. It optimizes charging intelligence and fleet operations. The company aims to make EV businesses highly profitable. It empowers individual drivers and small operators. This accelerates EV adoption in India's booming ride-hailing and urban transport sectors. The strategic investment supports India's clean energy transition. It also creates significant new job opportunities. Milo Drive positions itself as a cornerstone for India's decentralized electric mobility economy. Its mission is to foster an efficient, sustainable, and dignified future for urban transportation.
Milo Drive announced a significant funding milestone. The Gurugram-based company secured $2.4 million in seed funding. This capital infusion propels its mission. Milo Drive builds essential infrastructure for electric vehicle fleets. Caret Capital led the investment round. Caret Capital is a focused venture fund. It targets mobility, distribution, supply chain, and job creation. Other prominent investors also participated. Antler India joined the round. Alteria Capital contributed. IAN Capital and Climate Angels also invested. Aureolis Capital further strengthened the investor group. This diverse backing underscores confidence in Milo Drive's vision.
Milo Drive began operations in 2024. Monil Jayeshkumar Khatri and Vishal Jewrajka co-founded the enterprise. Their vision is clear. They aim to build an asset-light, tech-driven EV mobility platform. This platform targets India's vast ride-hailing sector. It also serves the broader urban transportation ecosystem. The company addresses critical gaps in the evolving EV landscape.
India's ride-hailing market is poised for massive transformation. Electric vehicle penetration in cab fleets remains low. It currently stands below 5%. This indicates a significant infrastructure deficit. Scaling the EV transition requires robust support systems. Milo Drive offers a foundational solution. It aims to construct this missing layer of infrastructure.
The Milo Drive platform integrates several key functionalities. It provides vehicle access. It aggregates multi-platform demand. It incorporates intelligent charging solutions. Operator tools enhance efficiency. Data-led automation streamlines operations. These components empower various stakeholders. Drivers, fleet operators, and mobility entrepreneurs all benefit. They can run profitable EV businesses.
Technology forms the backbone of Milo Drive's strategy. Its platform leverages data intelligence. Machine learning algorithms optimize ride assignments. This approach significantly improves vehicle utilization. It boosts driver earnings. It also enhances reliability across all demand channels. Drivers no longer depend on a single app. They access multiple income streams. This diversified approach stabilizes income. It reduces uncertainty for operators.
Milo Drive focuses on empowering individuals. It builds a more open mobility ecosystem. It promotes efficiency. It fosters dignity for drivers. These professionals keep cities moving. Their platform directly supports sustainable livelihoods. It makes EV ownership economically viable for individual drivers. Small operators also gain critical support.
Caret Capital's investment aligns with its core mission. The firm seeks solutions reducing carbon emissions. It targets the creation of new jobs. Caret Capital aims to cut 10 million metric tonnes of carbon. It plans to create 10 million jobs. Milo Drive fits perfectly within these objectives. The company accelerates India's clean mobility transition. It simultaneously improves the economic prospects of drivers.
The Indian market presents unique opportunities. Decentralized EV fleets represent the future. Milo Drive builds the essential operating infrastructure. It tackles challenges in vehicle access. It solves demand aggregation issues. It optimizes fleet operations. This comprehensive approach enables a seamless shift to electric mobility. It fosters a robust EV ecosystem.
The funding allows Milo Drive to expand its reach. It will deepen its technological integration. The company can scale its operations. This expansion is vital for India's ambitious clean energy targets. Accelerating EV adoption directly contributes to environmental sustainability. It also reduces urban pollution.
Milo Drive's asset-light model offers significant advantages. It provides scalability. It reduces capital expenditure. This structure allows rapid deployment. It facilitates quick adaptation to market changes. The platform's ability to aggregate diverse demands ensures high utilization. This efficiency drives profitability for its users.
The transition to electric vehicles is not merely environmental. It is also an economic imperative. India's transport sector is growing rapidly. Electrification provides substantial economic benefits. It reduces fuel import bills. It creates new industries and jobs. Milo Drive stands at the forefront of this shift. It offers critical support for the transition.
Future plans include expanding partnerships. Milo Drive seeks collaborations with various demand platforms. It will work with charging infrastructure providers. These strategic alliances will strengthen its network effect. They will enhance the value proposition for drivers and operators. The goal remains a fully integrated, efficient, and sustainable mobility system.
Milo Drive is more than a tech company. It is a catalyst for change. It builds the backbone of India’s decentralized EV economy. Its platform promises a brighter future for urban transportation. It ensures greener cities. It creates more prosperous livelihoods. This investment marks a significant step towards that vision.
Milo Drive announced a significant funding milestone. The Gurugram-based company secured $2.4 million in seed funding. This capital infusion propels its mission. Milo Drive builds essential infrastructure for electric vehicle fleets. Caret Capital led the investment round. Caret Capital is a focused venture fund. It targets mobility, distribution, supply chain, and job creation. Other prominent investors also participated. Antler India joined the round. Alteria Capital contributed. IAN Capital and Climate Angels also invested. Aureolis Capital further strengthened the investor group. This diverse backing underscores confidence in Milo Drive's vision.
Milo Drive began operations in 2024. Monil Jayeshkumar Khatri and Vishal Jewrajka co-founded the enterprise. Their vision is clear. They aim to build an asset-light, tech-driven EV mobility platform. This platform targets India's vast ride-hailing sector. It also serves the broader urban transportation ecosystem. The company addresses critical gaps in the evolving EV landscape.
India's ride-hailing market is poised for massive transformation. Electric vehicle penetration in cab fleets remains low. It currently stands below 5%. This indicates a significant infrastructure deficit. Scaling the EV transition requires robust support systems. Milo Drive offers a foundational solution. It aims to construct this missing layer of infrastructure.
The Milo Drive platform integrates several key functionalities. It provides vehicle access. It aggregates multi-platform demand. It incorporates intelligent charging solutions. Operator tools enhance efficiency. Data-led automation streamlines operations. These components empower various stakeholders. Drivers, fleet operators, and mobility entrepreneurs all benefit. They can run profitable EV businesses.
Technology forms the backbone of Milo Drive's strategy. Its platform leverages data intelligence. Machine learning algorithms optimize ride assignments. This approach significantly improves vehicle utilization. It boosts driver earnings. It also enhances reliability across all demand channels. Drivers no longer depend on a single app. They access multiple income streams. This diversified approach stabilizes income. It reduces uncertainty for operators.
Milo Drive focuses on empowering individuals. It builds a more open mobility ecosystem. It promotes efficiency. It fosters dignity for drivers. These professionals keep cities moving. Their platform directly supports sustainable livelihoods. It makes EV ownership economically viable for individual drivers. Small operators also gain critical support.
Caret Capital's investment aligns with its core mission. The firm seeks solutions reducing carbon emissions. It targets the creation of new jobs. Caret Capital aims to cut 10 million metric tonnes of carbon. It plans to create 10 million jobs. Milo Drive fits perfectly within these objectives. The company accelerates India's clean mobility transition. It simultaneously improves the economic prospects of drivers.
The Indian market presents unique opportunities. Decentralized EV fleets represent the future. Milo Drive builds the essential operating infrastructure. It tackles challenges in vehicle access. It solves demand aggregation issues. It optimizes fleet operations. This comprehensive approach enables a seamless shift to electric mobility. It fosters a robust EV ecosystem.
The funding allows Milo Drive to expand its reach. It will deepen its technological integration. The company can scale its operations. This expansion is vital for India's ambitious clean energy targets. Accelerating EV adoption directly contributes to environmental sustainability. It also reduces urban pollution.
Milo Drive's asset-light model offers significant advantages. It provides scalability. It reduces capital expenditure. This structure allows rapid deployment. It facilitates quick adaptation to market changes. The platform's ability to aggregate diverse demands ensures high utilization. This efficiency drives profitability for its users.
The transition to electric vehicles is not merely environmental. It is also an economic imperative. India's transport sector is growing rapidly. Electrification provides substantial economic benefits. It reduces fuel import bills. It creates new industries and jobs. Milo Drive stands at the forefront of this shift. It offers critical support for the transition.
Future plans include expanding partnerships. Milo Drive seeks collaborations with various demand platforms. It will work with charging infrastructure providers. These strategic alliances will strengthen its network effect. They will enhance the value proposition for drivers and operators. The goal remains a fully integrated, efficient, and sustainable mobility system.
Milo Drive is more than a tech company. It is a catalyst for change. It builds the backbone of India’s decentralized EV economy. Its platform promises a brighter future for urban transportation. It ensures greener cities. It creates more prosperous livelihoods. This investment marks a significant step towards that vision.