Gurugram-based electric vehicle (EV) mobility platform, Milo Drive, has raised $2.4 million (~₹228.59 million) in a seed funding round led by Caret Capital. Antler, Alteria Capital, IAN Capital, Climate Angels, and Aureolis Capital were among the other investors who participated in the round.

The company said it will use the funds to strengthen its multi-channel ride demand network, onboard independent fleet operators, and expand the capabilities of its automated charging intelligence software.

Milo Drive’s operating platform, designed for EV cab drivers and small fleet operators, aggregates demand from channels including corporate travel and airport transfers and provides tools for ride allocation, routing, fleet management, and charging logistics.

The company has facilitated more than 1 million rides across its connected network so far.

It also raised pre-seed funding round from Climate Angels in October 2024.

In the first quarter (Q1) of 2026, EV sales in India reached 696,769 units, an increase of over 35.5% year-over-year (YoY) from 514,198 units, according to data released by the Ministry of Road Transport and Highways through its Vahan Dashboard. EVs account for 9% of overall automobile sales, which totaled 7,889,101 units in Q1, and electric four-wheelers accounted for 8% of total sales, or 55,200 units within the quarter.

According to Mercom Capital, in the last few years, smart grid funding has been driven by electric vehicle charging companies, with financing totaling $1.1 billion across 16 deals, a 115% YoY increase from $530 million raised in 21 deals.

Last year, the Ministry of Heavy Industries notified operational guidelines for deploying EV public charging stations under the PM Electric Drive Revolution in Innovative Vehicle Enhancement (PM E-DRIVE) program.

The  PM E-Drive program was launched in 2024 and allocated ₹36.79 billion ($438.1 million) in subsidies to promote the use of electric two-wheelers, three-wheelers, e-ambulances, e-trucks, and e-buses. It aims to support the deployment of 2.479 million e-2Ws, 316,000 e-3Ws, and 14,028 e-buses.