Mahindra Last Mile Mobility (MLMM), a unit carved out from Mahindra & Mahindra’s consolidated operations in 2023, has raised over ₹2,200 crore in funding to accelerate its electric three-wheeler business. The company is now valued at more than ₹10,000 crore ($1 billion) as it prepares for a planned initial public offering in 2027, according to livemint.com.
The funding round involved investments from Mahindra & Mahindra Ltd along with external investors, which has enabled MLMM to more than double its revenue in the last two years. This capital infusion has supported the rapid scaling of electric three-wheeler sales, positioning the company as a key player in last-mile electric mobility solutions, the report detailed.
The electric three-wheeler market in India has been growing steadily, driven by increasing demand for sustainable urban transport. MLMM’s valuation as an electric vehicle unicorn highlights the sector’s expansion and investor confidence. Comparable deals in the electric vehicle space have shown similar trends of strong funding interest, underscoring the potential of EV startups ahead of public listings.
MLMM’s planned IPO in 2027 will be a significant milestone, marking the company’s transition from a Mahindra group subsidiary to a publicly traded entity. The ₹2,200 crore funding round has laid the financial groundwork for this move, with the company’s valuation crossing the $1 billion mark as of August 2026, livemint.com reported.