The Milo Drive funding deal marks a significant early-stage milestone for the Gurugram-based EV mobility platform, which has raised $2.4 Mn in a Seed round led by Caret Capital, as publicly reported on 2026-07-08. Milo Drive operates an asset-light, technology-driven platform built for India’s ride-hailing and urban transportation ecosystem. The round also drew participation from Antler India, Alteria Capital, IAN Capital, Climate Angels, and Aureolis Capital, among other investors.
Quick Highlights
- Founders: Monil Jayeshkumar Khatri and Vishal Jewrajka
- Lead Investor: Caret Capital
- Participating Investors: Antler India, Alteria Capital, IAN Capital, Climate Angels, Aureolis Capital, and other investors
- Headquarters: Gurugram, Haryana
- Announcement Date: 8 July 2026
- Founded: 2024
Funding Breakdown
Use of Funds
Milo Drive stated in a press release that the proceeds will be used to support EV adoption and formalise employment opportunities for India’s driver workforce. More specifically, the startup plans to strengthen its multi-channel demand network and expand its fleet operator base, with a focus on onboarding small fleet operators. A portion of the capital will also go towards enhancing its charging intelligence capabilities and scaling its technology platform for drivers and mobility entrepreneurs.
Funding Timeline
This $2.4 Mn Seed round, announced on 8 July 2026, is the first publicly disclosed institutional funding round at this scale for Milo Drive since the company was founded in 2024.
Expansion Plans
With the fresh capital, Milo Drive plans to strengthen its technology capabilities and expand its presence to support more drivers and mobility businesses transitioning to electric vehicles across India. The company also intends to grow its fleet operator base and scale its platform’s automation tools — which as publicly reported already handle nearly 90% of manual fleet operations — to reach a wider network of commercial EV operators. India’s EV ride-hailing market is projected to grow from $0.24 billion in 2025 to $4.2 billion by 2030 at a CAGR of 77%, according to market estimates cited by the company, indicating the scale of the opportunity Milo Drive is targeting.
Significance
Milo Drive’s Seed round arrives at a pivotal moment for India’s organised EV fleet ecosystem: the exit of BluSmart last year left a notable gap in the market even as urban demand for electric mobility continues to accelerate. By positioning itself as an infrastructure and technology layer — aggregating demand from corporate travel, airport transfers, and car rentals while offering AI-driven charging intelligence and predictive maintenance — Milo Drive addresses both the supply-side and demand-side challenges that have historically slowed EV fleet adoption. The startup’s claim of facilitating more than one million rides since launch, alongside a reported 20% increase in driver incomes through its platform, signals early traction that lends credibility to its asset-light model. Backing from a diverse syndicate spanning climate-focused funds, venture capital, and angel networks further underscores the cross-sector confidence in driver-centric EV mobility as a scalable, sustainable business in India.
These details have been verified against multiple publicly available reports as of 2026-07-08.
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Disclaimer: This report is compiled from publicly available sources and is for informational purposes only; funding figures are as publicly reported and may be subject to change.
