Mahindra Last Mile Mobility Ltd. $1.13B valuation, IPO late 2027
Mahindra Last Mile Mobility Ltd. (MLMML), Mahindra's electric three-wheeler subsidiary, just joined the unicorn club with a $1.13 billion valuation.
This happened after a fresh $33 million funding round led by Lightrock, with participation from IFC and India-Japan Fund.
With this new backing, MLMML is planning to go public in late 2027.
Sales up sixfold, 40% L5 share
MLMML's sales have jumped six times over the past four years, including an impressive 85% growth in the first quarter of fiscal 2027.
Thanks to rising demand for its electric passenger and cargo vehicles, the company now owns ~40% of the L5 heavy-duty segment, where electrification has soared from 12% to 40% in two years.
Even after Mahindra's stake dipped slightly post-funding, MLMML remains confident about leading India's electric three-wheeler market.