EV fleet startup Milo Drive has successfully raised $2.4 million in a seed funding round to expand its AI-powered electric vehicle fleet platform across India. The round was led by Caret Capital and saw participation from multiple investors including Antler India, IAN Capital, Climate Angels, Aureolis Capital, and several other investors. As reported by Business Standard, the funding reflects growing confidence in startups accelerating electric vehicle adoption in India's commercial transport sector, with businesses increasingly shifting to electric mobility to cut fuel costs and meet sustainability goals.
Founded with an asset-light business model, Milo Drive operates as a technology platform that connects drivers, fleet owners, and mobility partners, helping electric vehicle fleet operators manage their vehicles more efficiently. The startup has already supported more than one million rides through its platform and utilizes an AI-powered dispatch system designed to reduce waiting time, improve fleet management, and help drivers earn more by matching them with ride requests more efficiently. The platform focuses on data intelligence and machine learning-led ride assignment to improve utilization, earnings and reliability across demand channels.
According to Business Standard, co-founder Monil Jayeshkumar Khatri emphasized the company's mission to provide drivers with multiple income sources rather than limiting them to single platforms. The platform aims to integrate ride-hailing, corporate travel, airport transfers, rentals and other mobility demands to maximize vehicle utilization and driver earning potential. With the latest funding, Milo Drive plans to expand its market reach, strengthen partnerships, and continue developing technology that supports commercial EV fleets as India's EV ecosystem evolves.
As reported by Business Standard, Caret Capital's managing partner Karan Mittal highlighted that while India's ride-hailing market is experiencing a fundamental shift, EV penetration in cab fleets remains below 5 percent. Mittal noted that the infrastructure required to scale this transition is currently missing, positioning Milo Drive to build the platform that makes EV ownership economically viable for individual drivers and small operators while providing reliable, technology-enabled EV supply to demand platforms. The startup plans to invest in product development and expand its engineering team as it builds new features to improve fleet operations and customer experience.
According to Business Standard, India's electric mobility market has seen strong growth supported by government incentives, better charging infrastructure, and increasing awareness of cleaner transport options. Commercial fleet operators are among the biggest adopters of electric vehicles as they look for ways to reduce operating costs and improve efficiency. Industry experts believe that digital fleet management will become increasingly important as the number of electric vehicles on Indian roads continues to grow, with efficient ride allocation, data-driven operations, and better fleet visibility expected to play a key role in the country's EV journey.
