Caret Capital Leads Investment in EV Mobility Startup

Gurugram-based EV mobility startup Milo Drive has raised $2.4 million (approximately ₹23.2 crore) in a seed funding round led by Caret Capital, a thematic venture capital firm focused on mobility, supply chain, distribution, and jobs. The funding round also witnessed participation from Antler India, Alteria Capital, IAN Capital, Climate Angels, Aureolis Capital, along with several other investors.

The fresh capital will enable the company to strengthen its technology platform, expand its EV mobility ecosystem, and accelerate its mission of making electric vehicle operations more profitable and accessible for drivers and fleet operators across India.

Building a Smarter EV Mobility Ecosystem

Founded in 2024 by Monil Jayeshkumar Khatri and Vishal Jewrajka, Milo Drive is developing an asset-light, technology-driven mobility platform designed specifically for India’s rapidly evolving ride-hailing industry. Instead of owning vehicles, the startup connects drivers, fleet operators, charging infrastructure, and multiple ride-demand platforms through a unified digital ecosystem.

The platform combines vehicle access, charging intelligence, operator management tools, demand aggregation, and automation to improve efficiency and maximise earnings for EV drivers. By integrating multiple mobility services onto a single platform, Milo Drive aims to eliminate dependency on a single ride-hailing application and create sustainable income opportunities.

AI-Powered Technology to Improve Driver Earnings

A key differentiator for Milo Drive is its use of data intelligence and machine learning to optimise ride assignments across different demand channels. This technology helps improve vehicle utilisation, reduce idle time, and increase driver earnings while enhancing customer reliability.

Speaking about the company’s vision, Monil Jayeshkumar Khatri, Co-founder of Milo Drive, said the startup believes drivers and operators should never be restricted to one platform or one source of income. By bringing together ride-hailing, airport transfers, corporate travel, rentals, and other transportation services, the company aims to build a more efficient, inclusive, and financially rewarding mobility ecosystem.

Investors See Huge Potential in India’s EV Transition

Commenting on the investment, Karan Mittal, Managing Partner at Caret Capital, highlighted that India’s ride-hailing industry is entering a transformational phase, with electric vehicles currently accounting for less than five percent of cab fleets. According to him, the lack of supporting infrastructure remains one of the biggest barriers to EV adoption.

He noted that Milo Drive is building the essential technology layer needed to make EV ownership economically viable for independent drivers and small fleet operators while simultaneously providing demand platforms with reliable, technology-enabled EV supply.

As India’s urban transportation sector continues shifting toward cleaner and more sustainable mobility solutions, startups like Milo Drive are expected to play a crucial role in accelerating EV adoption through innovative technology, intelligent fleet management, and data-driven operational efficiency.

Featured in The Startup Caffe

Stay updated with the latest startup funding, EV mobility innovations, entrepreneurship, and business leadership stories. The Startup Caffe delivers SEO-focused insights on emerging startups, investments, and the trends shaping India’s future mobility ecosystem.