Mahindra’s electric three-wheeler business has entered the unicorn club after raising about ₹322 crore in a fresh funding round. The move also keeps its planned IPO on track, showing strong investor confidence in India’s growing EV market.
Mahindra & Mahindra’s subsidiary, Mahindra Last Mile Mobility Ltd (MLMML), was valued at ₹10,822 crore after the latest round led by global impact investor Lightrock. Existing investors, including the International Finance Corporation (IFC) and India-Japan Fund, also joined the round, helping the company cross the unicorn mark.
The funding will be completed in tranches, subject to regulatory approvals. After the round, Mahindra & Mahindra’s stake in MLMML will fall slightly to 75.79% from 78.11%, but the company will continue to keep management control of the business.
MLMML makes electric, CNG, petrol, and diesel three- and four-wheeler vehicles for passenger and cargo use. The company’s growth comes at a time when India’s EV commercial vehicle segment is expanding quickly, especially in last-mile transport.
FAQs [Frequently Asked Questions]
1. What made Mahindra’s EV arm a unicorn?
Mahindra Last Mile Mobility became a unicorn after raising about ₹322 crore, which valued the business at ₹10,822 crore in the latest funding round.
2. Who invested in the funding round?
Lightrock led the round, while existing investors IFC and the India-Japan Fund also participated in the fresh capital raise.
3. Is Mahindra’s EV arm going for an IPO soon?
Yes. Mahindra has said the electric three-wheeler business is nearly ready for an IPO, with a listing expected around 2027.