Mahindra Last Mile Mobility joins unicorn club following Lightrock-led ₹322 crore funding

Mahindra & Mahindra’s last-mile mobility business has achieved unicorn status, with Mahindra Last Mile Mobility Ltd (MLMML) now valued at ₹10,822 crore following a fresh funding round of approximately ₹322 crore led by sustainable investment platform Lightrock.

The round also saw participation from existing investors International Finance Corporation (IFC) and India-Japan Fund (IJF), managed by the National Investment and Infrastructure Fund (NIIF). The funding comes as Mahindra’s electric three-wheeler business continues to scale rapidly, strengthening investor confidence in the electrification opportunity in India’s last-mile mobility market.

EV growth drives valuation

MLMML’s electric three-wheeler sales have grown six-fold over the past four years, while the company reported 85% year-on-year volume growth in Q1 FY27. It also crossed the milestone of selling 100,000 electric three-wheelers in FY26, the first such achievement by an electric commercial vehicle manufacturer in India, according to the company.

Electric penetration in the three-wheeler market has risen sharply, from 12% to 40% over the past two years. MLMML currently commands around 40% market share in the L5 three-wheeler segment, according to the company.

“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,” Mahindra Group CEO and MD Anish Shah said.

Lightrock joins existing investors

Lightrock, which focuses on sustainable investments, led the latest funding round, joining IFC and IJF as investors in MLMML.

“The leadership team has done an exceptional job of building the company from the ground up into a market-leader in electric three-wheelers, underpinned by a focused strategy and outstanding execution ability,” said Samir Abhyankar, partner and head of India at Lightrock.

Mahindra’s auto & farm sector executive director and CEO Rajesh Jejurikar said the investment “reinforces Mahindra Last Mile Mobility’s leadership in the EV space.”

He highlighted the rapid rise in electrification and said crossing one lakh EV sales in FY26, alongside 6 billion cumulative e-kilometres, demonstrated customer acceptance of the company’s electric commercial vehicles.