Mahindra Last Mile Mobility enters unicorn club with ₹10,822 crore valuation after Lightrock-led funding round; IPO in 2027
The funding round comes ahead of the company’s planned initial public offering (IPO) in the second half of 2027.
- Jul 30, 2026,
- Updated Jul 30, 2026 10:03 PM IST
Mahindra & Mahindra's electric three-wheeler business, Mahindra Last Mile Mobility Ltd. (MLMML), has joined India's unicorn ranks after raising ₹322 crore in a funding round led by global impact investor Lightrock, taking the company's valuation to ₹10,822 crore.
The round also saw participation from existing investors International Finance Corporation (IFC) and the India-Japan Fund (IJF), managed by the National Investment and Infrastructure Fund (NIIF).
The funding round comes ahead of the company’s planned initial public offering (IPO) in the second half of 2027.
The fundraising underscores growing investor conviction that India's commercial vehicle electrification story is moving beyond passenger EVs. Electric penetration in the L5 three-wheeler segment has climbed sharply from 12% to 40% in just two years, making it one of the fastest-growing EV categories in the country.
Mahindra has emerged as the dominant player in that transition. The company commands nearly 40% of the L5 electric three-wheeler market, while sales of its electric three-wheelers have grown six-fold over the past four years. In the June quarter, volumes surged 85% year on year, and in FY26, MLMML became the first electric commercial vehicle maker in India to cross 100,000 electric three-wheeler sales.
The investment marks another step in Mahindra Group's strategy of creating independently valued, high-growth businesses across its portfolio.
"We welcome Lightrock as a partner, marking a pivotal milestone in our last-mile mobility business," said Anish Shah, Group CEO and Managing Director, Mahindra Group. "With Lightrock joining IFC and IJF, Mahindra Last Mile Mobility has now achieved unicorn status. This investment brings us closer to our ambition of putting one million electric vehicles on Indian roads by 2031."
For Mahindra, the timing is significant. While much of India's EV investment has focused on passenger cars, electric three-wheelers have quietly become one of the country's biggest electrification success stories, driven by lower operating costs, supportive policy and strong demand from commercial operators.
Rajesh Jejurikar, Executive Director and CEO of Mahindra's Auto and Farm Sector, said the company has retained its position as India's largest electric commercial vehicle manufacturer for the fourth consecutive year.
Lightrock, which invests globally in businesses driving sustainable growth, said Mahindra has built a market-leading electric three-wheeler business through focused execution and is well positioned to benefit from the next phase of India's EV transition.
Mahindra & Mahindra's electric three-wheeler business, Mahindra Last Mile Mobility Ltd. (MLMML), has joined India's unicorn ranks after raising ₹322 crore in a funding round led by global impact investor Lightrock, taking the company's valuation to ₹10,822 crore.
The round also saw participation from existing investors International Finance Corporation (IFC) and the India-Japan Fund (IJF), managed by the National Investment and Infrastructure Fund (NIIF).
The funding round comes ahead of the company’s planned initial public offering (IPO) in the second half of 2027.
The fundraising underscores growing investor conviction that India's commercial vehicle electrification story is moving beyond passenger EVs. Electric penetration in the L5 three-wheeler segment has climbed sharply from 12% to 40% in just two years, making it one of the fastest-growing EV categories in the country.
Mahindra has emerged as the dominant player in that transition. The company commands nearly 40% of the L5 electric three-wheeler market, while sales of its electric three-wheelers have grown six-fold over the past four years. In the June quarter, volumes surged 85% year on year, and in FY26, MLMML became the first electric commercial vehicle maker in India to cross 100,000 electric three-wheeler sales.
The investment marks another step in Mahindra Group's strategy of creating independently valued, high-growth businesses across its portfolio.
"We welcome Lightrock as a partner, marking a pivotal milestone in our last-mile mobility business," said Anish Shah, Group CEO and Managing Director, Mahindra Group. "With Lightrock joining IFC and IJF, Mahindra Last Mile Mobility has now achieved unicorn status. This investment brings us closer to our ambition of putting one million electric vehicles on Indian roads by 2031."
For Mahindra, the timing is significant. While much of India's EV investment has focused on passenger cars, electric three-wheelers have quietly become one of the country's biggest electrification success stories, driven by lower operating costs, supportive policy and strong demand from commercial operators.
Rajesh Jejurikar, Executive Director and CEO of Mahindra's Auto and Farm Sector, said the company has retained its position as India's largest electric commercial vehicle manufacturer for the fourth consecutive year.
Lightrock, which invests globally in businesses driving sustainable growth, said Mahindra has built a market-leading electric three-wheeler business through focused execution and is well positioned to benefit from the next phase of India's EV transition.