Funding · Mobility & Logistics

Milo Drive raises $2.4M seed round

What they do

Milo Drive is an asset-light EV mobility platform that connects drivers, fleet operators and ride-hailing companies

It raised $2.4 million in seed funding led by Caret Capital, with Antler India as co-lead and other investors

The company has powered over 1 million rides and aims to expand its EV fleet operating system

Milo Drive has raised $2.4 million in a seed funding round.
The round was led by Caret Capital and co-led by Antler India.
Other participants include Alteria Capital, IAN Capital, Climate Angels, Aureolis Capital and others.
The company plans to use the funds to expand its tech platform and strengthen its EV fleet operating system.
It will also scale its driver and fleet operator network and enhance charging intelligence.
Milo Drive aims to onboard small fleet operators onto its platform.

India's EV ride-hailing market is projected to grow from $240 million in 2025 to $4.2 billion by 2030.
EV penetration in cab fleets is currently below 5%, leaving a large gap for organised players.
Competitor BluSmart has exited, creating an opening in the organised EV fleet ecosystem.
New entrants like VinFast's Green SM Limo and Hyundai/TVS's Blue Move are also entering the space.

Milo Drive operates an asset-light EV mobility platform that connects drivers, fleet operators and ride-hailing companies.
Its platform integrates vehicle access, charging, demand aggregation, fleet management and data-driven automation.
Demand sources include ride-hailing, corporate travel, airport transfers, rentals and WhatsApp bookings.
The company has powered over 1 million rides to date.
It automates ~90% of manual fleet operations and increases driver earnings by ~20%.
Milo Drive is headquartered in Bengaluru and was founded in 2024.

Caret Capital (lead) — Managing partner Karan Mittal commented on the investment.
Antler India (co-lead) — Founding partner and co-lead Nitin Sharma commented on the investment.
Alteria Capital (participant)
IAN Capital (participant)
Climate Angels (participant)
Aureolis Capital (participant)