Milo Drive raised $2.4 million in a funding round led by Caret Capital. Milo Drive is a tech-led platform building operating infrastructure for India’s next generation of decentralized electric vehicle fleets. The company is focused on supporting the growth of EV adoption in ride-hailing and other mobility use cases.
As electric vehicle adoption accelerates in India’s ride-hailing market, Milo Drive is working to solve challenges around vehicle access, demand aggregation, and fleet operations. These capabilities are intended to help drivers and small fleet operators participate more effectively in the shift to electric mobility.
The company’s platform is designed to help drivers and fleet owners build sustainable livelihoods while also supporting India’s broader clean transportation transition. By improving the infrastructure behind decentralized EV fleets, Milo Drive aims to make electric mobility more accessible and operationally efficient.
Caret Capital said the investment aligns with its mission of backing solutions that reduce carbon emissions and create jobs. The firm is focused on supporting companies that can help reduce 10 million metric tonnes of carbon emissions and create 10 million jobs.
The funding will support Milo Drive as it continues building the backbone of India’s EV fleet ecosystem. The company is led by Monil Jayeshkumar Khatri, Vishal Jewrajka, and the broader Milo Drive team.
KEY QUOTES:
“Milo Drive is a tech-led platform building the operating infrastructure for India’s next generation of decentralized EV fleets. As EV adoption in ride-hailing accelerates, Milo Drive is solving critical challenges across vehicle access, demand aggregation, and fleet operations—enabling drivers and small fleet operators to build sustainable livelihoods while powering the transition to electric mobility.”
Caret Capital statement
“Solutions like Milo Drive that accelerate India’s clean mobility transition and improve the lives of drivers are closely aligned with Caret’s mission of helping reduce 10 million metric tonnes of carbon emissions and creating 10 million jobs.”
Caret Capital statement
