Milo Drive Secures $2.4 Million in Seed Funding Led by Caret Capital

Gurugram's Milo Drive Raises $2.4 Million in Seed Funding

Milo Drive, a Gurugram-based startup, has successfully raised $2.4 million in a seed funding round. The round was led by Caret Capital, a venture fund with interests in mobility, distribution, supply chain, and jobs. Other notable participants in the funding round include Antler India, Alteria Capital, IAN Capital, Climate Angels, and Aureolis Capital.

Company Overview

Founded in 2024 by Vishal Jewrajka and Monil Khatri, Milo Drive is developing an asset-light, technology-driven electric vehicle (EV) mobility platform. The company aims to enhance India's ride-hailing and urban transportation sector by integrating vehicle access, multi-platform demand, charging intelligence, and operator tools. Their platform utilizes data intelligence and machine learning to optimize ride assignments, thereby improving vehicle utilization and driver earnings.

Monil Khatri, Co-Founder of Milo Drive, highlighted the company's mission by stating, "We are building a platform that brings ride-hailing, corporate travel, airport transfers, rentals, and other mobility demands together so every vehicle can be better utilized and every driver gets a fairer chance to earn more."

Strategic Use of Funds

While specific plans for the newly acquired funds were not detailed, it is anticipated that Milo Drive will use this capital injection to further develop its platform's technology and possibly expand its operational reach within India. The company’s focus on creating a more efficient and open mobility ecosystem suggests that the funds will likely support advancements in their data-driven tools and services.

Investor Perspective

Karan Mittal, Managing Partner at Caret Capital, expressed confidence in Milo Drive's vision and potential for growth. The involvement of a diverse group of investors reflects a strong belief in the startup's ability to transform the EV mobility landscape in India.

Conclusion

With the fresh capital, Milo Drive is well-positioned to continue its mission of revolutionizing mobility solutions in India, offering innovative opportunities for drivers and fleet operators. As the company evolves, it will be interesting to observe how it leverages this funding to achieve its objectives and impact the broader mobility ecosystem.