Mahindra Last Mile Mobility Ltd. (MLMML), the electric mobility arm of Mahindra & Mahindra, has entered the unicorn club after a fresh funding round valued the company at ₹10,822 crore. The investment, led by global investment platform Lightrock, comes as India's electric commercial vehicle market continues to expand, particularly in the electric three-wheeler segment. The company is now targeting an initial public offering (IPO) in 2027, subject to market conditions and business readiness.
Mahindra & Mahindra Managing Director and CEO Anish Shah said during the company's post-earnings conference call that the company intends to list Mahindra Last Mile Mobility in 2027, provided market conditions remain favourable and the business is ready for a public offering.
The latest funding round was led by Lightrock, with existing investors, including the International Finance Corporation (IFC) and India-Japan Fund (IJF), also participating. According to the company, the fresh capital will be deployed to strengthen its product portfolio, expand operations and accelerate growth in the electric mobility business.
Mahindra Last Mile Mobility has emerged as a key player in India's electric three-wheeler segment. The company said electric three-wheeler penetration has increased from 12% to 40% over the past two years, supported by favourable economics, rising customer demand and policy support.
The company currently holds around 40% market share in the L5 electric three-wheeler category, making it the market leader. The unicorn valuation reflects investor confidence in the long-term growth prospects of electric last-mile transportation and commercial mobility in India.
The announcement coincided with Mahindra & Mahindra's June quarter FY27 earnings, where the automaker reported standalone net profit of ₹3,685 crore, up 6.8% year-on-year, while revenue rose 23% to ₹41,920 crore, both exceeding market expectations.
During the quarter, total automotive volumes, including subsidiaries, increased 23% year-on-year to 304,000 units, while utility vehicle sales reached 175,000 units. Revenue from the automotive segment grew 32% to ₹34,387 crore, and segment profit after tax rose 21% to ₹2,129 crore.
Read more: Sun Pharma Q1 FY27 Results: Net Profit Rises 27%, US Formulation Sales Weigh on Revenue.
Mahindra Last Mile Mobility's unicorn valuation represents a significant milestone for the company's dedicated electric mobility business as it prepares for its next phase of growth. With fresh funding, a leading position in the electric three-wheeler market and plans to go public in 2027, the company is aiming to strengthen its presence in India's evolving EV ecosystem. If the business continues to scale and market conditions remain supportive, the proposed IPO could become one of the notable listings in the country's electric mobility space.
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Published on: Jul 31, 2026, 3:27 PM IST
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