New Delhi, July 31(APAC Media): Mahindra’s electric three-wheeler business has entered the unicorn club after a fresh funding round.
Mahindra & Mahindra’s electric mobility subsidiary, Mahindra Last Mile Mobility Ltd (MLMML), has raised around ₹322 crore in a funding round led by global sustainable investment firm Lightrock, taking the company’s valuation to ₹10,822 crore. The latest investment makes MLMML one of India’s newest unicorns as demand for electric commercial vehicles continues to grow.
Existing investors International Finance Corporation (IFC) and the India-Japan Fund (IJF), managed by the National Investment and Infrastructure Fund (NIIF), also participated in the funding round. The investment comes at a time when electric three-wheelers are becoming a larger part of India’s commercial vehicle market.
Mahindra said MLMML remains the market leader in the L5 electric three-wheeler segment with nearly 40% market share. The company reported an 85% year-on-year increase in sales volume during the first quarter of FY27. It also became the first electric commercial vehicle maker in India to sell more than 100,000 electric three-wheelers in FY26.
The company said electrification in the L5 three-wheeler segment has increased from 12% to 40% over the past two years, reflecting faster adoption of electric commercial vehicles. Mahindra also said its vehicles have collectively completed more than 6 billion electric kilometres and that it has retained its position as India’s largest electric commercial vehicle manufacturer for the fourth consecutive year.
Mahindra plans to use the fresh capital to strengthen its position in the expanding electric mobility market as competition in India’s commercial EV segment continues to increase
