Mahindra has executed a binding agreement for raising approximately INR 322 crore into Mahindra Last Mile Mobility Limited (MLMML), Mahindra’s last mile mobility business, at a valuation of INR 10,822 crore.
The last mile mobility business saw a 6X growth in sales of electric three-wheelers over the last four years. The company continues to be the market leader in electric 3W category and demonstrated a volume growth of 85% YoY in Q1 FY27. MLMML also recorded a milestone of 100,000 electric 3-Wheelers in FY2026, a first for any electric commercial vehicle manufacturer in India.
Lightrock, a global fund pioneering in sustainable investments, led the funding round, with participation from existing partners International Finance Corporation (IFC) and India-Japan Fund (IJF), a fund managed by National Investment and Infrastructure Fund Limited (NIIF). With this investment, the valuation of MLMML has seen a significant jump to INR 10,822 crores. This jump not only highlights strong investor confidence in the electrification opportunity in 3W segment but also underscores the phenomenal growth demonstrated by Mahindra’s Last Mile Mobility Business.
Dr. 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. This investment brings us closer to our goal of deploying 1 million EVs on India roads by 2031 and solidifies our leadership in the electric commercial vehicle sector.”
Rajesh Jejurikar, Executive Director and CEO – Auto & Farm Sector, Mahindra & Mahindra Ltd., said, “This investment from Lightrock reinforces Mahindra Last Mile Mobility’s leadership in the EV space. With ~40% market share in the L5 segment, it is at the forefront of a market that has rapidly scaled from 12% to 40% electrification in just two years. We are proud to be India’s No.1 electric commercial vehicle manufacturer for the fourth consecutive year. Crossing 1 lakh EV sales in FY26 and 6 billion e-kilometres cumulatively underscores the trust of our customers and our commitment to driving sustainable, inclusive growth.”
Samir Abhyankar, Partner and Head of India at Lightrock, said, “It is a privilege to partner with the Mahindra Group through Lightrock’s investment in Mahindra Last Mile Mobility. The leadership team has done an exceptional job of building the company from the ground up into a market-leader in electric three-wheelers, underpinned by a focused strategy and outstanding execution ability. Lightrock is excited to support the Group as it continues to build sustainable, high-growth businesses capable of meeting the evolving needs of tomorrow’s India.”
