Milo Drive is an EV fleet software platform that connects electric cab drivers and small operators to ride demand, charging, and operating tools. The startup has raised $2.4 million in seed funding — about ₹22.9 crore — to fix a pretty ugly problem in Indian electric mobility: small fleet owners still lose too much time and money switching between demand sources, charging stops, and manual back-office work. That makes the Milo Drive funding round more than another seed cheque. Founded in 2024 by Monil Jayeshkumar Khatri and Vishal Jewrajka, the company is trying to become the operating layer behind decentralized EV fleets rather than just another cab brand.
What does Milo Drive do for EV fleets?
Milo Drive runs what is basically a Fleet OS for EV cabs. A driver or small fleet operator plugs into Milo’s system and gets access to ride demand from multiple channels. The app manages trips and earnings, offers charging guidance, and lets users monitor the vehicle through one interface instead of stitching together separate tools and apps. It also connects that workflow to fleet management and vehicle access. So it’s not just dispatch software.
The product is more detailed than the source article lets on. Milo’s app includes a real-time dashboard for trips and income. It also tracks battery and charging status, vehicle health, maintenance alerts, route history, and AI-driven analytics around usage and driver performance. It supports GPS tracking and geofencing too. That matters.
There’s also a financing-style layer built into the workflow. Users in its Drive-to-Own program can track EMIs, ownership progress, and transfer details from inside the same system. That matters because a lot of commercial EV adoption in India still hinges on whether drivers can move from renter to operator without the paperwork and payments turning into chaos.
For riders and enterprise demand partners, the experience looks simpler on the surface. Milo highlights WhatsApp booking and real-time ride monitoring. It also points to proactive maintenance and route optimization on the consumer-facing side, while the back end handles the uglier jobs — uptime, allocation, and vehicle availability. That split is smart. Customers just want the cab to arrive. Operators care about whether the car spent the day earning.
Who built Milo Drive and what has it done so far?
The founding story
Milo Drive was founded in 2024 by Monil Jayeshkumar Khatri and Vishal Jewrajka. The company was built to turn drivers and small fleet owners into “EV entrepreneurs,” which is a useful way to frame the business: it isn’t trying to replace the operator, it’s trying to make that operator more productive and less dependent on a single source of bookings.
That idea makes more sense in the context of India’s ride market. Milo aggregates bookings across corporate travel, airport transfers, car rentals, and ride-hailing demand, then uses software to route that work across an electric fleet. So the founding bet isn’t “people want EV rides.” That part is obvious enough. The bet is that fragmented supply needs a better operating layer.
Why the founders fit this market
This isn’t a random founder pair chasing a trend. The team brings experience from BluSmart and government tech initiatives, and that’s the part investors are really buying into. India’s EV cab market doesn’t just need code. It needs operators who understand vehicles, charging, utilization, and what goes wrong in the field.
Jewrajka’s background looks especially relevant. He previously worked as Head of Strategy & Growth at BluSmart and spent time on infrastructure and EV work at Invest India. Earlier, he held strategy and product roles at Clinton Health Access Initiative, Home Credit India, and ZS. That’s a mix of public policy, operating systems, and scale work. Useful ingredients if you’re building a platform that sits between drivers, fleets, and demand partners.
Khatri also comes out of BluSmart’s orbit. He was tied to expansion work there, which lines up with Milo’s current focus on driver onboarding, utilization, and supply growth. That doesn’t guarantee execution. But it does mean the founders have seen this category from the inside rather than from a deck.
Early traction and the seed round
For a 2024 startup, the early operating numbers stand out. Milo has already facilitated more than 1 million rides, and its software automates nearly 90% of manual fleet operations. The driver app’s collections management, charging guidance, and earnings visibility have also helped lift driver incomes by 20%. That’s the kind of unit-level improvement investors want to hear in commercial mobility.
The team is still small. LinkedIn lists Milo Drive at 2–10 employees, with Gurgaon as headquarters and Bengaluru as another location. That’s lean for a company trying to build tech while also stitching together fleet operations. It also tells you Milo hasn’t bloated itself too early.
On fundraising, the company has now closed a $2.4 million seed round co-led by Caret Capital and Antler, with Alteria Capital, India Angel Network Capital, Climate Angels, Aureolis Capital, and other investors participating. Climate Angels had already backed Milo in a pre-seed round in October 2024. So this round also signals that at least one earlier backer liked what it saw enough to stay in.
How Milo Drive compares with EV cab rivals
Milo’s most obvious comparison point is BluSmart, but the model is different. BluSmart built a consumer-facing EV ride brand with tighter fleet control. Milo leans harder into the software-and-operations layer that can serve drivers, small operators, and multiple demand channels at once. That’s a less flashy story. It may also be the more practical one right now.
The market isn’t empty either. After BluSmart’s 2025 exit from the organized EV fleet segment, VinFast parent Vingroup launched Green SM Limo in Delhi NCR in June 2026, while Hyundai Motor and TVS Motor began piloting Blue Move in the same region. The legacy alternative is even more fragmented: operators juggle ride-hailing apps, local travel contracts, charging decisions, and collections manually. Milo’s pitch is that one system can tie all that together.
Why the Milo Drive funding round matters
This round matters because Milo isn’t using the money for vague “growth.” The company has been pretty specific: it wants to deepen its multi-channel demand network and expand its fleet-operator base with an emphasis on small operators. It also wants to strengthen charging intelligence and scale the tech platform used by drivers and mobility entrepreneurs. That tells you where management thinks the real bottlenecks are. Not demand alone. Coordination.
There’s a sharper investor thesis here too. Plenty of mobility startups burn capital owning assets too early or chasing rider discounts. Milo looks more like a systems bet. If it can improve utilization across vehicles that already exist, and if it can spread demand across corporate travel, airport transfers, rentals, and ride-hailing, then every extra point of uptime matters more than brand marketing. That’s a much more sober way to attack the category.
Small operators are the real swing users. Big fleet companies can build internal tools or negotiate directly with platforms. Smaller owners usually can’t. If Milo becomes the default operating stack for that long tail, the company could own a very valuable layer of the EV cab business without needing to own every vehicle itself.
Why India's EV fleet market is opening up now
The macro tailwind is real. Inc42’s 2025 EV startup report pegs India’s EV opportunity at $132 billion by 2030, with EVs expected to account for 40% of the country’s automotive market by revenue potential. That’s the big number behind almost every pitch in this segment.
The policy gap is just as important. A NITI Aayog report says EVs were only about 7.6% of vehicle sales in India in 2024, while the country is aiming for a 30% share by 2030. That gap is huge. And it won’t close just because more cars are available. It closes when financing, charging, uptime, and daily economics work for commercial users.
That’s why this moment feels different. The organized EV cab segment is being rebuilt after a major shakeout, but demand for cleaner mobility hasn’t disappeared. If anything, the reset has made the market a bit more honest. Investors are now more likely to back businesses that can make unit economics work at the fleet-operator level, not just on a top-line booking chart.
Should investors keep watching Milo Drive?
Probably yes — but for boring reasons, not flashy ones. The Milo Drive funding round puts money behind an operational thesis that fits where India’s EV fleet market is today: fragmented supply, uneven charging behavior, and tons of manual coordination that software can still clean up.
What to watch next is simple. Can Milo onboard more small operators without wrecking service quality, and can its software keep lifting utilization as competition from Green SM Limo, Blue Move, and other fleet models grows? If it can, this seed round will look small in hindsight.
Read how Elevate Education raised ₹170 crore in a Series D round led by WestBridge Capital to expand its AI-powered higher education platform that helps colleges deliver stronger career outcomes and job-ready graduates.
FAQ
- What is the Milo Drive funding round about? Milo Drive raised $2.4 million in seed funding, or about ₹22.9 crore, in a round co-led by Caret Capital and Antler. The round will help the startup expand its EV fleet software, improve charging intelligence, and add more small fleet operators to its network.
- How does Milo Drive’s platform work? Milo Drive runs a software layer for EV drivers and fleet operators that combines demand aggregation and trip and earnings dashboards. It also includes vehicle and battery monitoring, GPS tracking, and automated fleet workflows. The platform supports geofencing, smart alerts, route analysis, and Drive-to-Own tracking for users moving toward vehicle ownership.
- Who founded Milo Drive? Milo Drive was founded in 2024 by Monil Jayeshkumar Khatri and Vishal Jewrajka. Both are tied to BluSmart’s operating world, and Jewrajka’s prior work spans BluSmart strategy and growth as well as EV infrastructure work at Invest India, which gives the founding team mobility and execution depth.
- What market is Milo Drive targeting in India? Milo Drive is targeting the EV fleet and ride-demand infrastructure layer in India — especially electric cab drivers and small fleet owners serving ride-hailing, corporate travel, airport transfers, and rentals. It’s entering that market as India chases a 30% EV share by 2030 and as the broader EV opportunity is projected at $132 billion by the end of the decade.
