Mahindra Last Mile Mobility (MLMML) Achieves Unicorn Status; Now Valued at INR 10,822 Crore

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Mahindra & Mahindra Ltd. raised INR 322 crore for Mahindra Last Mile Mobility Limited (MLMML), Mahindra’s last-mile mobility business. The funding round was led by Lightrock, 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 achieved 85% YoY volume growth in Q1 FY27 and recorded a milestone of 100,000 electric 3-Wheelers in FY2026, a first for any electric commercial vehicle manufacturer in India. MLMML has a 40% market share in L5 3W category. This funding highlights investor confidence in the electrification opportunity in 3W segment.

Dr. Anish Shah, Group CEO & MD, Mahindra Group, said, “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.”

Also Read: Mahindra Last Mile Mobility – Focused on Maintaining Leadership and Momentum