Mahindra Last Mile Mobility Raises Rs 322 Cr at Rs 10,822 Cr Valuation

Mumbai: Mahindra & Mahindra on Thursday said it has executed a binding agreement for raising approximately Rs 322 crore for its last-mile mobility business arm Mahindra Last Mile Mobility Limited (MLMML) at a valuation of Rs 10,822 crore. ​ Lightrock, a global fund pioneering in sustainable investments, led the funding round, with participation from existing investors International Finance Corporation (IFC) and India-Japan Fund (IJF), a fund managed by National Investment and Infrastructure Fund Limited (NIIF), the company said.

The last-mile mobility business saw a 6X growth in sales of electric three-wheelers over the last four years, it said, adding that the company continues to be the market leader in the electric three-wheeler category.

MLMML also reached the milestone of 1,00,000 electric three-wheelers in FY26, a first for any electric commercial vehicle manufacturer in India, the company said.

This jump not only highlights strong investor confidence in the electrification opportunity in the 3W segment but also underscores the phenomenal growth demonstrated by Mahindra’s last-mile mobility business.

Anish Shah, Group CEO & MD, Mahindra Group, said, “We welcome Lightrock as a partner, marking a pivotal milestone in our last-mile mobility initiative, highlighting the transformative potential of our growth gems. Our robust business model continues to draw top-tier investors.” With Lightrock joining alongside IFC and IJF, MLMML has now achieved unicorn status in the electric vehicle market, he said.

“This investment brings us closer to our goal of deploying a million EVs on Indian roads by 2031 and solidifies our leadership in the electric commercial vehicle sector,” Shah added.

“This investment from Lightrock reinforces Mahindra Last Mile Mobility’s leadership in the EV space. With around 40 per cent market share in the L5 segment, it is at the forefront of a market that has rapidly scaled from 12 per cent to 40 per cent electrification in just two years,” said Rajesh Jejurikar, Executive Director and CEO – Auto & Farm Sector, Mahindra & Mahindra Ltd.

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