India’s urban mobility sector is undergoing a major transformation—and electric vehicles (EVs) are at the heart of it. Amidst this shift, Milo Mobility, a Gurgaon-based startup founded in 2024, is positioning itself as a key enabler of sustainable urban transport. With a laser focus on building a fully electric fleet service for ride-hailing platforms like Uber and Ola, Milo is set to reimagine how cities move.
Climate Angels recently invested in Milo Mobility as part of their seed round, joining the cap table alongside global early-stage VC Antler. Here’s why we believe Milo Mobility is not just another EV fleet startup, but a high-conviction bet on the future of tech-enabled, green transportation in India.
What Milo Does
At its core, Milo Mobility is building a dedicated EV-only fleet service, targeting both ride-hailing and corporate employee transportation segments (ETS). Think of it as the infrastructure layer behind your Uber EV ride: managing the vehicle, the battery, the driver, and even the charger, end to end.
Where traditional fleet operators rely on manual oversight and fragmented systems, Milo’s differentiator lies in its tech-first approach. It is developing an AI and IoT-powered platform that tightly integrates vehicle tracking, battery analytics, predictive maintenance, and driver management. This stack enables Milo to extend vehicle life, improve uptime, and deliver a premium, reliable experience for both passengers and partners.
Why Now: A Market at an Inflection Point
The timing couldn’t be better. The Indian ride-hailing market, currently worth $6.6 billion, is evolving from a decentralized, owner-driver model to a professionalized fleet-led approach. The EV opportunity within that is even more compelling.
Today, owner-drivers face high EV acquisition costs, infrastructure hurdles, and lack of service support. This has created a vacuum, and fleet operators are stepping in to bridge the gap. Yet, most incumbents are still ICE (internal combustion engine)-heavy or lacking integrated EV support. That’s where Milo comes in.
With the upcoming expiry of 50% of active cab permits by 2025 and the government’s strong EV push, the shift towards formal EV fleets is inevitable. Milo’s model is purpose-built for this future.
Why Climate Angels Backed Milo Mobility
We backed Milo for three simple, yet powerful reasons:
- A Technological Edge in an Operational Game
Milo’s interconnected tech platform isn’t just a dashboard—it’s the nervous system of a next-gen fleet company. From predictive maintenance to battery health tracking, Milo brings operational efficiency that can directly boost vehicle uptime and revenue. In a sector where margins hinge on utilization, that’s a game-changer. - A Seasoned, Sector-Savvy Team
Founders Monil Khatri and Vishal Jewrajka bring unmatched domain depth, having scaled operations and technology at BluSmart. Their understanding of EV infrastructure, fleet economics, and real-world deployment gives Milo a serious head start. - A Capital-Efficient, Scalable Business Model
Milo is not trying to be the next Uber. Instead, it aims to power Uber’s EV future, quietly, efficiently, and profitably. Its focus on partnering with ride-hailing giants and large corporate clients allows for high vehicle utilization and repeat demand, without burning through capital for customer acquisition.
Environmental Impact: Clean Mobility at Scale
Beyond the economics, Milo’s model has clear environmental upside. By replacing ICE-based fleet vehicles with electric counterparts, the company contributes to reducing urban air pollution, cutting CO₂ emissions, and promoting a cleaner energy grid. For us at Climate Angels, that’s a non-negotiable.
Looking Ahead
Of course, no startup journey is without risk. Technology adoption, execution speed, and competition from heavyweights like Everest Fleet remain challenges. But we believe Milo is well-positioned to navigate them, with a nimble team, differentiated tech, and a clear focus on operational excellence.
At Climate Angels, our thesis is simple: back climate-tech startups that solve hard problems with smart execution. Milo Mobility checks all the boxes.
We’re excited to be part of their journey and even more excited about the cleaner, smarter, and more efficient future they’re building for Indian cities.
