Mahindra Last Mile Mobility Limited (MLMML), the last-mile mobility business of Mahindra & Mahindra Ltd, has achieved unicorn status following a binding agreement to raise approximately ₹322 crore at a valuation of ₹10,822 crore. The funding round is led by Lightrock, a global investment platform focused on sustainable businesses, with participation from existing investors International Finance Corporation (IFC) and India-Japan Fund (IJF), managed by National Investment and Infrastructure Fund Limited (NIIF).
The latest investment reflects growing investor confidence in India’s rapidly expanding electric commercial vehicle market and highlights the strong performance of Mahindra’s last-mile mobility business. Over the past four years, the company has recorded six-fold growth in sales of electric three-wheelers and continues to maintain its leadership position in the electric three-wheeler segment.
MLMML reported an 85% year-on-year increase in volumes during Q1 FY27. The company also achieved a significant industry milestone in FY2026 by crossing sales of 100,000 electric three-wheelers in a single financial year, becoming the first electric commercial vehicle manufacturer in India to reach the landmark.
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 the investment reinforces MLMML’s leadership in electric mobility. He noted that the company holds approximately 40% market share in the L5 segment, where electrification has increased from 12% to 40% within two years. The company also retained its position as India’s No. 1 electric commercial vehicle manufacturer for the fourth consecutive year, while crossing one lakh EV sales in FY26 and achieving six billion cumulative electric kilometres.
Samir Abhyankar, Partner and Head of India at Lightrock, said the firm was pleased to partner with Mahindra Group and recognised MLMML’s growth into a market leader in electric three-wheelers, supported by a focused strategy and strong execution. The investment strengthens MLMML’s position in India’s electric mobility ecosystem and supports Mahindra’s broader ambition to accelerate EV adoption and deliver sustainable, inclusive transportation solutions across the country.
Established in 1945, the Mahindra Group is a leading global federation of companies with a workforce of approximately 324,000 employees across more than 100 countries. The Group holds prominent positions in India across farm equipment, utility vehicles, information technology and financial services, and is the world’s largest tractor manufacturer by volume. Its diversified portfolio also spans renewable energy, agriculture, logistics, hospitality and real estate. With a strong focus on environmental, social and governance (ESG) leadership, Mahindra is committed to advancing rural prosperity, improving urban living and creating positive, sustainable change for communities and stakeholders.
Lightrock is a global investment platform that supports the growth of technology-driven businesses addressing critical challenges across People, Planet and Productivity. The firm invests in both public and private companies that demonstrate the potential to deliver meaningful impact alongside strong commercial performance.
Headquartered in London, Lightrock has approximately 130 professionals operating across four continents and advises assets worth $5.8 billion. Having backed around 150 companies to date, the investment platform is guided by the belief that positive societal impact and outstanding business outcomes can work together to create lasting value for companies, investors and communities.
