Archive · 31 Jul 2026
Mahindra Last Mile Mobility Achieves Unicorn Status with Lightrock Funding
Mahindra Last Mile Mobility, a company that makes electric three‑wheelers, got a big investment from a firm called Lightrock.
This made the company worth a lot of money, so it became a "unicorn"—a very valuable startup.
The money will help the company make more electric vehicles.
They want to put a million of these vehicles on Indian roads by 2031.
The company already sells a lot of electric three‑wheelers and is the biggest in India.
The investment also includes other groups like the International Finance Corporation and the India‑Japan Fund.
Mahindra Last Mile Mobility Ltd. (MLMML) reached unicorn status after raising ₹322 crore in a Lightrock‑led funding round, valuing the company at ₹10,822 crore.
The investment brings the company closer to its goal of deploying 1 million electric vehicles on Indian roads by 2031.
MLMML holds about 40% of the L5 electric three‑wheeler market and reported 85% year‑on‑year volume growth in the June quarter.
The company has been India's largest electric commercial vehicle manufacturer for four consecutive years.
The funding round also included existing investors International Finance Corporation (IFC) and India‑Japan Fund (IJF).
- Who
- Mahindra Last Mile Mobility Ltd. and its leadership (Anish Shah, Rajesh Jejurikar)
- What
- Achieved unicorn status after raising ₹322 crore in a Lightrock-led funding round
- When
- July 31, 2026
- Where
- India
- Why
- To support growth and reach 1 million electric vehicles by 2031
- Company
- Mahindra Last Mile Mobility Ltd.
- Valuation
- ₹10,822 crore
- Funding amount
- ₹322 crore
- Market share
- 40% of L5 electric three‑wheeler market
- Goal
- 1 million EVs on Indian roads by 2031
