Mahindra Last Mile Mobility raises Rs 322 crore, achieving unicorn status with a valuation of Rs 10,822 crore; IPO on track for H2 CY27.

Mahindra Last Mile Mobility Ltd (MLMML) has successfully raised ₹322 crore from global sustainable investment platform Lightrock, achieving unicorn status with a valuation of ₹10,822 crore. This funding round highlights the growing investor confidence in India's electric vehicle sector, particularly in the electric three-wheeler market, where MLMML holds a commanding 40% market share in the L5 category.¹²

The company has reported a remarkable six-fold increase in electric three-wheeler sales over the past four years and achieved 85% year-on-year volume growth in the first quarter of FY27. Notably, MLMML became the first electric commercial vehicle manufacturer in India to surpass 100,000 electric three-wheeler sales in FY26.⁴

Group CEO Anish Shah emphasized the significance of this investment, stating, “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 one million EVs on Indian roads by 2031.” The company is also on track for an initial public offering (IPO) in the second half of 2027, further solidifying its position in the rapidly electrifying vehicle market.

According to the company, electrification in the L5 three-wheeler segment has surged from 12% to 40% over the past two years, making it one of the fastest-growing segments in the country. This strategic growth aligns with Mahindra's broader vision of creating focused listed businesses while retaining management control.

As part of its strategy, Mahindra is merging its Truck and Bus Division with SML Mahindra, consolidating operations to enhance competitiveness against major players like Tata Motors and Ashok Leyland.