Mumbai: Mahindra & Mahindra’s last-mile mobility arm, Mahindra Last Mile Mobility Ltd (MLMML), has attained unicorn status after raising about ₹322 crore in a funding round led by global sustainable investment firm Lightrock, taking the company’s valuation to ₹10,822 crore.
The investment was made under a binding agreement executed by Mahindra & Mahindra Ltd, with existing investors International Finance Corporation (IFC) and India-Japan Fund (IJF), managed by the National Investment and Infrastructure Fund Ltd (NIIF), also participating in the funding round.
The latest capital infusion reflects growing investor confidence in India’s electric three-wheeler market, where MLMML has emerged as the market leader. The company reported an 85 per cent year-on-year growth in electric three-wheeler volumes in the first quarter of FY27 and has recorded a six-fold increase in sales over the past four years.
MLMML also became the first electric commercial vehicle manufacturer in India to cross the milestone of 1 lakh electric three-wheelers sold in FY26.
Mahindra Group CEO and Managing Director Dr Anish Shah said the investment marks a significant milestone for the company’s last-mile mobility business and highlights the strength of its growth strategy.
“We welcome Lightrock as a partner. With Lightrock joining IFC and IJF, Mahindra Last Mile Mobility has now achieved unicorn status in the electric vehicle market. This investment brings us closer to our goal of deploying one million EVs on Indian roads by 2031 and strengthens our leadership in the electric commercial vehicle segment,” Shah said.
Mahindra & Mahindra Executive Director and CEO (Auto & Farm Sector) Rajesh Jejurikar said the company currently commands around 40 per cent market share in the L5 electric three-wheeler segment, which has witnessed rapid electrification, with EV penetration rising from 12 per cent to 40 per cent over the past two years.
He said Mahindra has remained India’s largest electric commercial vehicle manufacturer for the fourth consecutive year, adding that the company crossed sales of one lakh EVs in FY26 while its vehicles have cumulatively covered over six billion electric kilometres.
Lightrock Partner and Head of India Samir Abhyankar said the investment reflects confidence in Mahindra’s leadership and execution capabilities in the electric mobility space.
He said the company has built a market-leading position in electric three-wheelers through a focused strategy, and Lightrock looks forward to supporting Mahindra in expanding sustainable and high-growth mobility businesses in India.
